INCOME TAX (BEARER DEBENTURES) ACT

1974

No. 128 of 1974

An Act to amend the Income Tax (Bearer Debentures) Act 1971.

BE IT ENACTED by the Queen, the Senate and the House of Representatives of Australia, as follows:—

Short title and citation.

1. (1) This Act may be cited as the Income Tax (Bearer Debentures) Act 1974.

(2) The Income Tax (Bearer Debentures) Act 1971, as amended by this Act, may be cited as the Income Tax (Bearer Debentures) Act 1971-1974.

Commencement.

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

Rate of tax.

3. Section 6 of the Income Tax (Bearer Debentures) Act 1971 is amended by omitting paragraphs (a) and (b) and substituting the following paragraphs:—

“(a) where section 128f of the Assessment Act would apply to the interest if the Commissioner had issued a certificate under sub-section (4) of that section in respect of the relevant loan—10 per centum; or

(b) in any other case—

(i) in relation to an amount of interest paid or credited before the date of commencement of the Income Tax (Bearer Debentures) Act 1974—38.78619 per centum; or

(ii) in relation to an amount of interest paid or credited on or after that date—55 per centum.”.