Income Tax Amendment Act 1988

No. 92 of 1988

An Act to amend the Income Tax Act 1986

[Assented to 24 November 1988]

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

Short title etc.

1. (1) This Act may be cited as the Income Tax Amendment Act 1988.

(2) In this Act, “Principal Act” means the Income Tax Act 19861.

Commencement

2. This Act commences on the day on which it receives the Royal Assent.

3. Section 7 of the Principal Act is repealed and the following section is substituted:

Levy of tax

“7. The tax imposed by subsection 5 (1) is levied, and shall be paid:

(a) for each of the financial years from and including the financial year commencing on 1 July 1986 to and including the financial year commencing on 1 July 1988; and

(b) until the Parliament otherwise provides, for the next succeeding financial year.”.

NOTE

1. No. 108, 1986, as amended. For previous amendments, see No. 109, 1987.

[Minister’s second reading speech made in—

House of Representatives on 31 August 1988

Senate on 4 November 1988]