Income Tax Act 2007 enacted

The Income Tax Act 2007 received Royal assent yesterday afternoon. The new Act resulted from legislation that passed through its final stages in Parliament last week, the final chapter in the 15-year rewrite of the Income Tax Act. The new Act will apply to income derived from the 2008-09 income year. The 2855-page Income Tax Act 2007 is available here, courtesy of Legislation Direct.