Income Tax Assessment

No. 18 of 1969

An Act to amend sections 23c and 160ac of the Income Tax Assessment Act 1936-1968 and to make certain consequential provisions.

[Assented to 4 June 1969]

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 Assessment Act 1969.

(2.) The Income Tax Assessment Act 1936-1968 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 Assessment Act 1936-1969.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Exemption of certain income from sale of gold.

3.—(1.) Section 23c of the Principal Act is amended—

(a) by adding at the end of paragraph (b) of sub-section (1.) the word “and”;

(b) by omitting from paragraph (c) of that sub-section the word “and”; and

(c) by omitting paragraph (d) of that sub-section.

(2.) The amendments made by the last preceding sub-section apply in respect of income derived from a sale of gold made on or after the eighteenth day of March, One thousand nine hundred and sixty-eight.

Rebate for export market development expenditure.

4.—(1.) Section 160ac of the Principal Act is amended—

(a) by omitting from sub-paragraph (ii) of paragraph (a) of subsection (10.) the words “but for the last-mentioned deduction or deductions” and inserting in their stead the words “but for the first-mentioned deduction or deductions”; and

(b) by omitting from sub-paragraph (ii) of paragraph (b) of that sub-section the words “but for the deduction carried forward for export market development expenditure” and inserting in their stead the words “but for the first-mentioned deduction or deductions”.

(2.) The amendments made by this section shall be deemed to have had effect from and including the twenty-first day of November, One thousand nine hundred and sixty-eight.