Which of the following statements is least correct?

Select one:

1.

The Income Tax Assessment Act 1997 contains the current legislation on general and specific deductions.

2.

The Income Tax Assessment Act 1997 contains the current legislation on the tax treatment of trading stock.

3.

The company imputation system legislation is contained in the Income Tax Assessment Act 1997.

4.

The Income Tax Assessment Act 1936 contains the current legislation on the tax treatment of capital gains.

5.

The Goods and Services Tax legislation is contained in A New Tax System (Goods and Services Tax Act) 1999.