Income Tax (Bearer Debentures) Act 1971

Act No. 55 of 1971 as amended

Compilation start date: 25 June 2014

Includes amendments up to: Act No. 43, 2014

About this compilation

This compilation

This is a compilation of the Income Tax (Bearer Debentures) Act 1971 as in force on 25 June 2014. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 2 July 2014.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

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

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect 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 Imposition of tax 1

6 Rate of tax 1

7 Temporary budget repair levy 2

Endnote 1—About the endnotes 3

Endnote 2—Abbreviation key 5

Endnote 3—Legislation history 6

Endnote 4—Amendment history 7

Endnote 5—Uncommenced amendments [none] 8

Endnote 6—Modifications [none] 8

Endnote 7—Misdescribed amendments [none] 8

Endnote 8—Miscellaneous [none] 8

An Act to impose Income Tax upon Interest paid or credited by Companies in respect of certain Debentures
1 Short title

This Act may be cited as the Income Tax (Bearer Debentures) Act 1971.
2 Commencement

This Act shall come into operation on the day on which it receives the Royal Assent.
3 Interpretation

In this Act, the Assessment Act means the Income Tax Assessment Act 1936-1971.
4 Incorporation

The Assessment Act is incorporated and shall be read as one with this Act.
5 Imposition of tax

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.
6 Rate of tax

The rate of tax imposed by this Act on an amount of interest is 45%.
7 Temporary budget repair levy 1

This section applies to amounts of interest paid or credited in a temporary budget repair levy year.

 2

Increase the rate of tax mentioned in section 6 by 2 percentage points.

 3

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
ad = added or inserted pres = present
am = amended prev = previous
c = clause(s) (prev) = previously
Ch = Chapter(s) Pt = Part(s)
def = definition(s) r = regulation(s)/rule(s)
Dict = Dictionary Reg = Regulation/Regulations
disallowed = disallowed by Parliament reloc = relocated
Div = Division(s) renum = renumbered
exp = expired or ceased to have effect rep = repealed
hdg = heading(s) rs = repealed and substituted
LI = Legislative Instrument s = section(s)
LIA = Legislative Instruments Act 2003 Sch = Schedule(s)
mod = modified/modification Sdiv = Subdivision(s)
No = Number(s) SLI = Select Legislative Instrument
o = order(s) SR = Statutory Rules
Ord = Ordinance Sub-Ch = Sub-Chapter(s)
orig = original SubPt = Subpart(s)
par = paragraph(s)/subparagraph(s) /sub-subparagraph(s)

Endnote 3—Legislation history
Act Number and year Assent Commencement Application, saving and transitional provisions
Income Tax (Bearer Debentures) Act 1971 55, 1971 25 May 1971 25 May 1971
Income Tax (Bearer Debentures) Act 1974 128, 1974 —
Income Tax (Bearer Debentures) Amendment Act 1983 107, 1983 —
Taxation Laws (Miscellaneous Provisions) Act 1986 109, 1986 —
Taxation Laws Amendment (Rates and Rebates) Act 1989 70, 1989 21 June 1989 21 June 1989 s. 6
Taxation Laws Amendment Act (No. 2) 1997 95, 1997 30 June 1997 Schedule 5 (item10): (a) Sch. 5 (item 11) [see Table A]
Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 55, 2006 19 June 2006 Schedule 1 (items 6, 32(2)): 1 July 2006 Sch. 1 (item 32(2)) [see Table A]
Income Tax (Bearer Debentures) Amendment (Temporary Budget Repair Levy) Act 2014 43, 2014 25 June 2014 Sch 1: 25 June 2014 (see s 2(1)) Remainder: Royal Assent —

Endnote 4—Amendment history
Provision affected How affected
s. 6 am. No. 128, 1974; No. 107, 1983; No. 109, 1986; No. 70, 1989
rs. No. 95, 1997
am. No. 55, 2006
s7 ad No 43, 2014

Endnote 5—Uncommenced amendments [none]

Endnote 6—Modifications [none]

Endnote 7—Misdescribed amendments [none]

Endnote 8—Miscellaneous [none]