Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988

No. 12 of 1988

An Act to impose income tax in respect of certain dealings by current and former offshore banking units

[Assented to 26 April 1988]

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

Short title

1. This Act may be cited as the Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988.

Commencement

2. This Act shall come into operation on the day on which the Taxation Laws Amendment Act 1988 receives the Royal Assent.

Interpretation

3. In this Act, “Assessment Act” means the Income Tax Assessment Act 1936.

Incorporation

4. The Assessment Act is incorporated and shall be read as one with this Act.

Act to bind Crown

5. This Act binds the Crown in right of the Commonwealth, of each of the States, of the Northern Territory and of Norfolk Island.

Imposition of tax

6. The tax known as income tax, to the extent that it is payable in accordance with section 128nb of the Assessment Act, is imposed, and shall be levied and paid, on the lost withholding tax amount referred to in that section.

Rate of tax

7. The rate of tax imposed by this Act on the lost withholding tax amount is 300%.

[Minister’s second reading speech made in—

House of Representatives on 9 December 1987

Senate on 18 February 1988]