Income Tax Act Amendment Act of 1926 (17 Geo v No. 32) (Qld)

i1590 GIFT DUTY.-INCOME TAX. Inrome Tax Act Amendment Act. 17 GEO. V. No. 32, All such regulations shall be published in the Gazette and when so published shall be of the same effect as if they were contained in this Act, and shall be judicially noticed, and shall be laid before the Legislative Assembly within forty days after the same have been so published if the Legislative Assembly is then in session, or, if not, then within forty days after the commencement of the Hext session of the Legislative Assembly. GOVERNMENT LOANS. See LOANS, GOVERNMENT. INCOME TAX. 17NGo.eo3. 2. v. An Act to Amend "The Income Tax Act of 1924" THE in certain particulars, and to Make Provision INCOME TAX ACT for the More Effective Assessment and AACMTENODFM 19 E 2 N 6 T . Collection of Tax under the Acts superseded by that Act. [ASSENTED TO 29TH NOVEMBER, 1926.] B E it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis- lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows :- Short title 1. This Act may be cited as "The Income Tax Act and . Amendment Act of 1926," and shall be read as one with constructlOn." The. Income Tax Act of 1924,"* herein referred to as the Principal ACt. This Act and the Principal Act may together be cited as "The Income Tax Acts, 1924 to 1926." Amendments 2. (1.) The following amendments are made in the of Principal Principal Act :_ Act. Provisions numbered respectively (i.) and (ii.) of subsection two of section ten are repealed, and the following provisions are respectively inserted in lieu thereof :- " (i.) (a) When any person at any time (whether before or on or after the first day of July, one thousand nine hundred and twenty-one) has purchased or acquired * 15 Geo. V. No. 34, supra, page 10945.

INCOME TAX. 1926. Income Tax Act Amendment Act. or purchases or acquires shares in a company • (being a Queensland company or a company carrying on business in Queensland) and such person has received or receives (whether before or on or after that date or partly before and partly on or after that date) a liquida- tion dividend or liquidation dividendR in respect of such shares, the following provisions shall be applicable ;- If such liquidation dividend exceeds or when and so soon as the total amount of the liquidation dividends so received (whether received in several years or wholly in one year) exceeds the purchase price of or the value of the consideration (if any) given by him for Ruch shares, the amount of such excess (ascertained as at the end of the year in which such excess arises) shall be income of that person arising from a sale of the shares in the year in which such excess has been or is received; and the amount of every such liquidation dividend or tohl amount of all such liquidation dividends received by him in any year thereafter shall be income of that person arising from a sale of the shares in the year when the amount of such dividend or dividends has been or is received. Upon any sale, assignment or other disposal by that person of his right to receive any such liquidation dividends (whether or not he has already received any such divjdend or dividends) the purchase price of or the value of the consideration (if any) for the sale, assignment .or other disposal of such right shall be deemed to be a liquidation dividend received by him and shall be taken into a~count in the assessment of the income tax of that person under all of the foregoing provisions. (b) So far as relates to the income of the person acquiring the right to receive liquidation dividends upon any sale, assignment or other disposal thereof, if such person has received or receives (whether before or on or after the first day of July, one thousand nine hundred and twenty-one, or partly before and partly on or after that date) a liquidation dividend or liquidation dividends, the following provisions shall be applicable ;- " If such liquidation dividend exceeds or when and so soon as the total amount of the liquidation dividends so received (whether received in several years or wholly in one year) exceeds the purchase price of or the value of the consideration (if any) for the acquirement of such right, the amount of such excess (ascertained as at the end of D 11591

11592 INCOME TAX.- Inoome Tax Act Amendment Act. 17 GEO. V. No. 32, the year • in which such excess arises) shall be income of that perso:p. arising from a sale of the shares in the year in which such exces~ has been or is received; and the amount of every such liquidation dividend or total amount of all such liquidation dividends received by him in any year thereafter shall be income of that person arising from a sale of the shares in the year when the amount of such dividend or dividends has been or is rooeived. Upon any sale, assignment or other disposal by that person of such right (whether or not he has already received any such dividend or dividends), the purchase price of or the value of the consideration (if any) therefor shall be deemed to be a liquidation dividend received by that person and shall be taken into account in the assessment of the income tax of that person under all of the foregoing provisions. This provision (b) shall be applicable to each and every successive sale, assignment or other disposal of such right. (c) In the application of the foregoing provisions to a company which, not being a Queensland company, carries on business in Queensland, for the purposes of ascertaining the amount of any income received from the company as and by way of liquidation dividends or deemed so to be, the amount of each such dividend shall for t~ e purposes of all of the foregoing provisions bear the same proportion to the full amount of the dividend received as the amount of the assets in Queensland of such company bore to its total asseps at the com- mencement of the liquidation. (d) Nothing contained in the next succeeding provision numbered (ii.) shall be construed so as to derogate from or prejudicially affect the operation of this provision numbered (i.), except that no person shall be liable to tax under this provision (i.) and alsa under the said provision (ii.). . (ii.) (a) When any person at any time, on or after the first day of July, one thousand nine hundred and twenty-one, having sold or disposed of or delivered for appraisement or any other purpose or supplied or having made or entered into any dealing or transaction with respect to good"! produced in Queensland, afterwards has received or receives, whether in consideration of or in con- sequence of vr otherwise directly or indirectly in relation

INCOME TAX. 11593 1926. Income Tax Act Amendment Act. to such sale, disposal, delivery, supply, dealing, or transaction or pursuant to any scheme b~ing carried into effect or to be carried into effect by a company (where- soever incorporated), certificates issued by or shares in such oompany, the value of such certificates or shares on tbe date on which they were or are so received by such person shall be treated as income of that person, but not arising from a sale. For tbe purposes of this provision it is immaterial whether or not the sale, disposal, delivery or supply of or other dealing or transaction with respect to such goods, was made or entered into before or on or after the first day of July, one thousand nine hundred and twenty-one, or was made or entered into within or out- side Queensland, or was made or entered into to or with such company or before or after sucb company was incorporated or to or with some other person. (b) If such person has received or receives from 0rs,)(';{,-.-(f 7..rr the company (whether after the first day of July, one thousand nine bundred and twenty-one, or after the first day of July, one thousand nine hundred and twenty- three, or partly before the first day of July, one thousand nine hundred and twenty-three, and partly on or after that date, and whether wholly or in part at the time of the issue of such certificates or allotment of such shares or wholly or in part at any time or times thereafter and whether in the same year or in several years) any moneys in respect of or in any wise in relation to such certificates or shares, the following provisions shall be a.pplicable:- If the amount of such money, if received in one sum, exceeds, or when and so soon as the total amount of all sucb moneys so received exceeds the value of such certificates or shares as the case may be on the date on which they were or are so received as aforesaid by such person, the amount of such excess (ascertained as at the end of the year in which such excess arises) shall be income of that person arising from the sale of the certifi- cates or shares, as the case may be, in the year in which such excess has been or is received; and the full amount of all such money received by him in any year thereafter (whether received at. one time or at different times in that year) in respect of or in any wise in relation to such certificates or shares s;hall be income of that person arising from a sale of the certificates or shares in the vear when such amount has been or is received. v

11594 INCOME TAX. Income Tax Act Amendment Act. 17 GEO. V. No. 32, (c) Upon any sale, assignment or other disposal by that person of any such certificates or shares, the pur- chase price thereof or the value of the consideration (if any) for the sale, assignment or other disposal thereof shall (whether or not he has already received any money from the company as mentioned in the last preceding provision (b) hereof) be deemed to be an amount received by him from the company in respect of such certificates or shares, and shall be taken into ac~ ount in the assessment of the income tax of that person under that provision (b). (d) For the purposes of all the provisions under this paragraph numbered (ii.) the expression "money" or "moneys" shall include money's worth and all other consideration, and the expression "amount of money" or other like expreflsion shall include the value of money's worth, and the expression "received" or " receives" or other like expression shall include any crediting in account, and the expression "received from the company" or other like expression shall, if the company is in course of liquidation, include any receipt or crediting in account from or by any liquidator thereof, and it is immaterial whether the money or money's worth received from the company or any liquidator thereof (or deemed so to have been or to be) h3.'3 been or is paid, credited, or distributed or is alleged to havc been or to be paid, credited, or distributed as or by way of redemption or partial redemption of certificates or shares or reduction or payment off of capital or distribution of dividends or assets or issue, allotment, or distribution of certificates or shares or other interests in the company or in any other company." (e) Nothing contained in the foregoing provision numbered (i.) shall be construed so as to derogate from or prejudicially affect the operation of this provision numbered (ii.) except that no pemon shall be liable to tax under the said provision (i.) and also under this provision (ii.) (2.) In subsection two of section forty-three, the words "invested in the assets of the business" are repealed and the words "invested in the assets (not being shares in other companies) of the business" are inserted in lieu thereof. (3.) The amendments of the Principal Act made by this section shall be deemed to have been enacted therein

INCOME TAX. 1926. Income Tax Act Amendment Act. at the date of the passing of that Act, and that Act shall be read and construed as if at the date of the passing thereof the respective sections of the said Act, as amended by this section,were enacted therein respectively instead of those sections as originally enacted; and wherever in the said amendments moneys received in different years are prescribed to be aggregated so as to arrive at a total amount for any of the purposes of such amendment, such moneys shall be so aggregated notwithstanding that such moneys have been received partly prior to the first day of July, one thousand nine hundred and twenty-three, and partly on and partly after that date. (4.) In order to secure tll e due levy assessment and recovery of tax under the Acts mentioned in the Schedule* to the Principal Act and all regulations made thereunder which, notwithstanding the repeal thereof by that Act are (as enacted by section three of that Act in respect of any income during any period payable or leviable under those Acts) to remain in force without limit of time, and which Acts and regulations are herein referred to as the consolidated Act, the following amendments are deemed to have been made in the consolidated Act on the thirtieth day of June, one thousand nine hundred and twenty-one, but so that the consolidated Act as so amended shall be applicable and be applied only to all incomes for the periods respectively which commenced on the first day of July, one thousand nine hundred and twenty-one, and ended on the thirtieth day of June, one thousand nine hundred and twenty- two, and which commenced on the first day of July, one thousand nine hundred and twenty-two, and ended on the thirtieth day of June, one thousand nine hundred and twenty-three, or other the periods accepted by the Commissioner in lieu of those periods pursuant to his powers under section forty-two of the consolidated Act. The amendments of the consolidated Act last hereinbefore referred to are as follows :- (a) In provision numbered (ii.) of subsection three of section seven, for the words "invested in the assets of the business and used" the * Supra, page 11030 (comprising 2 Edw. VII. No. 10, 2 Edw. VII. No. 23, 4 Edw. VII. No. 9, 6 Edw. VII. No. 11, 7 Edw. VII. No. 5, 6 Geo. V. No. 33, 9 Geo. V. No. 2, 10 Geo. V. No. 35, 11 Geo. V. No. 12, 12 Geo. V. No. 19, 13 Geo. V. No. 32, and 14 Geo. V. No. 42, ~ upra, pages 9379, 9568, 9698, 10048 and 10567). 11595

11596 INCOME TAX-LABOUR. 1niJustrial Arbitration Acts Amendment Act. 17 GEO. V . No. 25, words "invested in the assets (not being shares in other companies) of the business which were used" are substituted. (b) For provision numbered (i.) of subsection two under heading (1.) of section fourteen, the provisions numbered (i.) and (ii.) of subsection one of this section are substituted and provIsIOns in· the said subsection two numbered respectively (ii.) (iii.) (iv.) and (v.) shall be renumbered respectively (iii.) (iv.) (v.) and (vi.). INDUSTRIAL ARBITRATION. See LABOUR. INDUSTRY, COTTON. See COTTON. LABOUR (SUGAR WORKERS' PERPETUAL LEASES). See LAND, CROWN. LABOUR. Industrial Arbitration Acts Amendment Act of 1926 17 Geo. V. No. 25 Workers' Compensation Acts Amendment Act of 1926 17 Geo. V. No. 17 17NGo.eo2. 5V. . An Act to Amend" The Industrial Arbitration THE Acts, 1916 to 1925," in a certain particular. INDUSTRIAL ARBITRATION ACTS [ASSENTED TO 26TH NOVEMBER, 1926.] AMENDMENT BE it enacted by the King's Most Excellent Majesty, ACT OF 1926. by andW'Ith theadv'Ice and consent o f . the LegI. s- lative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows :- Short title 1. This Act may cited as " The Industrial Arbitration ~ ~ ~ struction. Acts Amendment Act 0/1926," and shall be read as one with" The Industrial Arbitration Acts, 1916 to 1925,"* herein collectively referred to as the Principal Act. * 7 Geo. V. No. 16 and amending Acts, supra, pages 7538, 10587, 11052, 11296, and 11305.