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

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 It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.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

Endnote 3—Legislation history

Endnote 4—Amendment history