Income Tax Assessment

No. 6 of 1971

An Act to amend section 62aa of the Income Tax Assessment Act 1936–1970.

[Assented to 19 March 1971]

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 1971.

(2.) The Income Tax Assessment Act 1936–1970, as amended by this Act, may be cited as the Income Tax Assessment Act 1936–1971.

Commencement.

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

Special deduction for investment in manufacturing plant.

3. Section 62aa of the Income Tax Assessment Act 1936–1970 is amended by adding at the end thereof the following sub-section:—

“(13.) A deduction is not allowable under this section in respect of expenditure incurred by a taxpayer after the third day of February, One thousand nine hundred and seventy-one, unless the expenditure was incurred in pursuance of a contract made on or before that date, being a contract under which goods were to be acquired by, or work was to be performed for, the taxpayer.”.