Bank Account Debits Tax Amendment Act 1984 (Cth)

Bank Account Debits Tax Amendment Act 1984

No. 103 of 1984

An Act to amend the Bank Account Debits Tax Act 1982

[Assented to 10 October 1984]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c.

1. (1) This Act may be cited as the Bank Account Debits Tax Amendment Act 1984.

(2) The Bank Account Debits Tax Act 19821is in this Act referred to as the Principal Act.

Commencement

2. This Act shall come into operation on the first day of the month next following the month in which the Bank Account Debits Tax Administration Amendment Act 1984 receives the Royal Assent.

3. Section 4 of the Principal Act is repealed and the following section is substituted:

Imposition of tax

“4. Tax is imposed in respect of—

(a) each taxable debit of not less than $1 made to a taxable account on or after the date of commencement of this section;

(b) each eligible debit of not less than $1 made to an exempt account on or after that date; and

(c) each eligible debit of not less than $1 made on or after that date to an account kept outside Australia with a bank where—

(i) at the time when the debit is made, the person in whose name, or either or any of the persons in whose names, the account is kept is a resident of Australia; and

(ii) it would be concluded that that account was used in connection with the transaction that resulted in the debit for the purpose, or for purposes that included the purpose, of enabling—

(a) the person in whose name, or either or any of the persons in whose names, the account is kept; or

(b) any other person,

to avoid liability for payment of the tax that would have been imposed if the debit that resulted from that transaction had been made to an account with a bank kept in Australia.”.

Schedule

4. The Schedule to the Principal Act is repealed and the following Schedule is substituted:

“SCHEDULE Section 5

Column 1	Column 2
Range of amounts of taxable debits or eligible debits	Amount of tax
Not less than $1 but less than $100.................................................	10 cents
Not less than $100 but less than $500.............................................	25 cents
Not less than $500 but less than $5,000...........................................	50 cents
Not less than $5,000 but less than $10,000......................................	$1
$10,000 or more............................................................................	$1.50

Saving

5. Where, before the commencement of this Act, tax was imposed by the Principal Act in respect of a debit made to an account before that commencement, that tax continues to be imposed as if this Act had not been enacted.

 

NOTE

1. No. 141, 1982, as amended. For previous amendments, see No. 110, 1983.