Income Tax Assessment

No. 5 of 1972

An Act to amend the Law relating to Income Tax in respect of a Special Deduction for Investment in Manufacturing Plant.

[Assented to 24 March 1972]

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 1972.

(2.) The Income Tax Assessment Act 1936–1971, as amended by this Act, may be cited as the Income Tax Assessment Act 1936–1972.

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 1936–1971 is amended—

(a) by inserting in sub-section (13.), after the word “seventy-one,”, the words “and before the fourteenth day of February, One thousand nine hundred and seventy-two,”; and

(b) by omitting from sub-section (13.) the word “that” and inserting in its stead the words “the first-mentioned”.

Amendment of assessments.

4. Nothing in section 170 of the Income Tax Assessment Act 1936–1972 prevents the amendment of an assessment for the purpose of giving effect to the amendments made by the last preceding section.