INCOME TAX ASSESSMENT.

No. 66 of 1949.

An Act to amend the Income Tax Assessment Act 1936–1948.

[Assented to 28th October, 1949.]

[Date of commencement, 25th November, 1949.]

BE it enacted by the King’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 1949.

(2.)   The Income Tax Assessment Act 1936–1948 is in this Act referred to as the Principal Act.

(3.)   The Principal Act, as amended by this Act, may be cited as the Income Tax Assessment Act 1936–1949.

Special depreciation on property acquired within seven years after 30th Jane, 1945

2.  Section fifty-seven a of the Principal Act is amended—

(a) by inserting in sub-section (1.), after the word “shall”, the words subject to the next succeeding sub-section”;

(b) by inserting after sub-section (1.) the following sub-section:—

“(1a.) In the case of property acquired or installed during the year of income which commenced on the first day of July, One thousand nine hundred and forty-nine, or during either of the next two succeeding years of income, the taxpayer may elect, in accordance with sub-section (4.) of this section, that an amount of depreciation equal to forty per centum of the cost of that property shall be an allowable deduction in lieu of the deduction otherwise allowable under the last preceding sub-section, and, where such an election is made, an amount of depreciation equal to forty per centum of the cost of the property shall, in addition to any depreciation ascertained in accordance with section fifty-six of this Act, be an allowable deduction in lieu of the deduction otherwise allowable under the last preceding sub-section.”;

(c) by omitting from sub-section (2.) the words “the last preceding sub-section” and inserting in their stead the words “this section”;

(d) by omitting from sub-section (3.) the word “fifty” and inserting in its stead the word “fifty-two”; and

(e) by omitting from sub-section (4.) the words “The election which may be made for purposes of sub-section (1.) of this section” and inserting in their stead the words “An election for the purposes of this section”.

Concessional rebates.

3.  Section one hundred and sixty of the Principal Act is amended by omitting from paragraph (f) of sub-section (2.) the words “One hundred pounds” and inserting in their stead the words “One hundred and fifty pounds”.

Stamps or certificates stolen, lost or destroyed.

4.  Section two hundred and twenty-one l of the Principal Act is amended—

(a) by inserting after sub-section (1.) the following sub-section:—

“(1a.) If the Commissioner is satisfied that a tax stamp lawfully purchased (not being a tax stamp which has been affixed to a tax stamps sheet) has been destroyed, and is

satisfied as to the face value of that stamp, the Commissioner shall apply the provisions of sub-section (2.) of section two hundred and twenty-one k of this Act in the same manner as if that tax stamp, together with the corresponding tax check, had been duly surrendered to the Commissioner.”; and

(b) by omitting from sub-section (2.) the words “the last preceding sub-section” and inserting in their stead the words “sub-section (1.) or sub-section (1a.) of this section”.

Application of Amendment.

5.  The amendment effected by section three of this Act shall apply to all assessments in respect of income of the year of income which began on the first day of July, One thousand nine hundred and forty-nine, and in respect of income of all subsequent years.