INCOME TAX AND SOCIAL SERVICES CONTRIBUTION ASSESSMENT.

No. 25 of 1956.

An Act to amend the Income Tax and Social Services Contribution Assessment Act 1936–1955, and for other purposes.

[Assented to 23rd May, 1956.]

[Date of commencement, 20th June, 1956.]

BE it enacted by the Queen’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Income Tax and Social Services Contribution Assessment Act 1956.

(2.) The Income Tax and Social Services Contribution Assessment Act 1936–1955 is in this Act referred to as the Principal Act.

(3.) The Principal Act, as amended by this Act, may be cited as the Income Tax and Social Services Contribution Assessment Act 1936–1956.

Exemption of income from mining and treating uranium.

2. Section twenty-three d of the Principal Act is amended by omitting from sub-section (1.) the words “One thousand nine hundred and sixty” and inserting in their stead the words “One thousand nine hundred and sixty-five”.

Special depreciation allowance to primary producers.

3.—(1.) Section fifty-seven aa of the Principal Act is amended—

(a) by omitting sub-paragraph (ii) of paragraph (a) of sub-section (3.) and inserting in its stead the following sub-paragraph:—

“(ii) before the first day of July, One thousand nine hundred and fifty-nine, or, if the construction of the unit was commenced on or before that date, before the first day of July, One thousand nine hundred and sixty;”;

(b) by omitting sub-paragraph (ii) of paragraph (b) of sub-section (3.) and inserting in its stead the following sub-paragraph:—

“(ii) before the first day of July, One thousand nine hundred and fifty-nine; or” ; and

(c) by omitting from sub-section (4.) the words “Two thousand pounds” (wherever occurring) and inserting in their stead the words “Two thousand seven hundred and fifty pounds”.

(2.) The amendment made by paragraph (c) of the last preceding sub-section does not apply in relation to a structural improvement the construction of which was commenced before the first day of July, One thousand nine hundred and fifty-six.

Additional tax on undistributed amounts of private companies.

4. For the purposes of the application of section one hundred and four of the Principal Act, as amended by this Act, in relation to assessments of income tax and social services contribution imposed by the Income Tax and Social Services Contribution (Companies) Act 1956, that last-mentioned Act shall be deemed to be the Act imposing income tax for the year of tax.