Compilation #None | Effective 2014-06-25
FRBR Work URI: /akn/au/act/1971/55
This Act may be cited as the Income Tax (Bearer Debentures) Act 1971.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act, the Assessment Act means the Income Tax Assessment Act 1936-1971.
The Assessment Act is incorporated and shall be read as one with this Act.
The tax known as income tax, to the extent that it is payable in accordance with section 126 of the Assessment Act, is imposed, and shall be levied and paid, upon interest to which that section applies.
The rate of tax imposed by this Act on an amount of interest is 45%.
This section applies to amounts of interest paid or credited in a temporary budget repair levy year.
Increase the rate of tax mentioned in section 6 by 2 percentage points.
In this section:
temporary budget repair levy year has the same meaning as in section 4-11 of the Income Tax (Transitional Provisions) Act 1997.
Endnote 1—About the endnotes
The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnote 5—Uncommenced amendments
Endnote 6—Modifications
Endnote 7—Misdescribed amendments
Endnote 8—Miscellaneous
If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.
Abbreviation key—Endnote 2
The abbreviation key in this endnote 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 the compiled law. The information includes commencement information for amending laws and details of 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 level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.
Uncommenced amendments—Endnote 5
The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.
Modifications—Endnote 6
If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.
Misdescribed amendments—Endnote 7
An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.
Miscellaneous—Endnote 8
Endnote 8 includes any additional information that may be helpful for a reader of the compilation.
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnote 5—Uncommenced amendments [none]
Endnote 6—Modifications [none]
Endnote 7—Misdescribed amendments [none]
Endnote 8—Miscellaneous [none]