Federal Register of Legislation - Australian Government

Primary content

Act No. 12 of 1988 as amended, taking into account amendments up to Statute Law Revision Act (No. 2) 2015
An Act to impose income tax in respect of certain dealings by current and former offshore banking units
Administered by: Treasury
Registered 22 Jan 2016
Start Date 10 Dec 2015
Table of contents.

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

No. 12 of 1988

Compilation No. 2

Compilation date:                              10 December 2015

Includes amendments up to:            Act No. 145, 2015

Registered:                                         22 January 2016

 

About this compilation

This compilation

This is a compilation of the Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 that shows the text of the law as amended and in force on 10 December 2015 (the compilation date).

This compilation was prepared on 15 January 2016.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law.

Uncommenced amendments

The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on ComLaw (www.comlaw.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on ComLaw for the compiled law.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on ComLaw for the compiled law.

Self‑repealing provisions

If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.

  

  

  


Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Interpretation....................................................................................... 1

4............ Incorporation....................................................................................... 1

5............ Act binds the Crown........................................................................... 1

6............ Imposition of tax................................................................................. 1

7............ Rate of tax........................................................................................... 2

Endnotes                                                                                                                                      3

Endnote 1—About the endnotes                                                                              3

Endnote 2—Abbreviation key                                                                                  4

Endnote 3—Legislation history                                                                               5

Endnote 4—Amendment history                                                                             6


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

1  Short title

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

2  Commencement

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

3  Interpretation

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

4  Incorporation

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

5  Act binds the Crown

                   This Act binds the Crown in each of its capacities.

6  Imposition of tax

                   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.

7  Rate of tax

                   The rate of tax imposed by this Act on the lost withholding tax amount is 75%.


Endnotes

Endnote 1—About the endnotes

The endnotes provide information about this compilation and the compiled law.

The following endnotes are included in every compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnotes about misdescribed amendments and other matters are included in a compilation only as necessary.

Abbreviation key—Endnote 2

The abbreviation key sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.

Misdescribed amendments

A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.

If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.

Endnote 2—Abbreviation key

 

A = Act

o = order(s)

ad = added or inserted

Ord = Ordinance

am = amended

orig = original

amdt = amendment

par = paragraph(s)/subparagraph(s)

c = clause(s)

    /sub‑subparagraph(s)

C[x] = Compilation No. x

pres = present

Ch = Chapter(s)

prev = previous

def = definition(s)

(prev…) = previously

Dict = Dictionary

Pt = Part(s)

disallowed = disallowed by Parliament

r = regulation(s)/rule(s)

Div = Division(s)

Reg = Regulation/Regulations

exp = expires/expired or ceases/ceased to have

reloc = relocated

    effect

renum = renumbered

F = Federal Register of Legislative Instruments

rep = repealed

gaz = gazette

rs = repealed and substituted

LI = Legislative Instrument

s = section(s)/subsection(s)

LIA = Legislative Instruments Act 2003

Sch = Schedule(s)

(md) = misdescribed amendment can be given

Sdiv = Subdivision(s)

    effect

SLI = Select Legislative Instrument

(md not incorp) = misdescribed amendment

SR = Statutory Rules

    cannot be given effect

Sub‑Ch = Sub‑Chapter(s)

mod = modified/modification

SubPt = Subpart(s)

No. = Number(s)

underlining = whole or part not

 

    commenced or to be commenced

 

Endnote 3—Legislation history

 

Act

Number and year

Assent

Commencement

Application, saving and transitional provisions

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

12, 1988

26 Apr 1988

26 Apr 1988 (s 2)

 

Taxation Laws Amendment Act (No. 2) 1999

93, 1999

16 July 1999

Sch 1 (items 38, 39(1), (9)): 16 July 1999 (s 2(1))

Sch 1 (item 39(1), (9))

Statute Law Revision Act (No. 2) 2015

145, 2015

12 Nov 2015

Sch 3 (item 22): 10 Dec 2015 (s 2(1) item 7)

 

Endnote 4—Amendment history

 

Provision affected

How affected

s 5........................................

rs No 145, 2015

s 7........................................

am No 93, 1999