Income Tax Amendment Act 1990

No. 85 of 1990

An Act to amend the Income Tax Act 1986

[Assented to 6 November 1990]

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 1990.

(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  Section 7 of the Principal Act is repealed and the following section is substituted: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, for the financial year commencing on 1 July 1986 and for all subsequent financial years until the Parliament otherwise provides.”.

NOTE

1.  No. 108, 1986, as amended. For previous amendments, see Nos. 64 and 109, 1987; Nos. 11 and 92, 1988; and Nos. 100 and 142, 1989.

[Minister’s second reading speech made in—

House of Representatives on 10 October 1990

Senate on 16 October 1990]