Income Tax (Bearer Debentures) Amendment Act 1983

No. 107 of 1983

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

[Assented to 23 November 1983]

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

Short title, &c.

1. (1) This Act may be cited as the Income Tax (Bearer Debentures) Amendment Act 1983.

(2) The Income Tax (Bearer Debentures) Act 19711 is in this Act referred to as the Principal Act.

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 Principal Act is amended—

(a) by omitting from paragraph (a) “per centum” and substituting “%”; and

(b) by omitting paragraph (b) and substituting the following paragraph:

“(b) in any other case—

(i) in relation to an amount of interest paid or credited before 6 December 1974—38.78619%;

(ii) in relation to an amount of interest paid or credited on or after 6 December 1974 and before the date of commencement of the Income Tax (Bearer Debentures) Amendment Act 1983—55%; or

(iii) in relation to an amount of interest paid or credited on or after the date of commencement of that Act—60%.”.

NOTE

1. No. 55, 1971, as amended. For previous amendments, see No. 128, 1974