Income Tax Act (No. 2) 1930 (Cth)

 

INCOME TAX (No. 2).

 

No. 61 of 1930.

An Act to amend the Income Tax Act 1930.

[Assented to 16th December, 1930.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Income Tax Act (No. 2) 1930.

(2.) The Income Tax Act 1930* is in this Act referred to as the Principal Act.

(3.) The Income Tax Act 1930, as amended by this Act, may be cited as the Income Tax Acts  1930.

Further tax.

2.Section seven of the Principal Act is amended by omitting from paragraph (a) the word “ten” and inserting in its stead the word “fifteen”.

3.After section seven of the Principal Act the following section is inserted:—

Farther tax on income from property.

“7a—(1.) In addition to any tax (including additional tax, super-tax and further tax) payable under the preceding provisions of this Act, there shall be payable upon the taxable income derived by any person—

(a) from property;

(b) by way of interest, dividends, rents or royalties, whether derived from personal exertion or from property; and

(c) in the course of carrying on a business, where the income is of such a class that, if derived otherwise than in the course of carrying on a business, it would be income from property,

a further tax of seven and one-half per centum of the amount of that taxable income.

“(2).Where tax is payable by a company under this section, tax shall not be payable under this section upon any taxable income derived by any person in consequence of the distribution by that company to its members or shareholders of the income upon which tax is so payable by that company or in consequence of a succession of such distributions through another company or through other companies of that income or any part thereof.

“(3.) This section shall not apply to income which is assessable for the financial year beginning on the first day of July One thousand nine hundred and thirty under the provisions of sub-paragraph (i) or (ii) of paragraph (b)of section sixteen of the Income Tax Assessment Act 1922-1930 if that income is distributed out of income which was assessable income of a company under those provisions for any prior financial year.

“(4.) Any tax payable by a company under this section shall not be included in the calculation, for the purposes of the provisoes following sub-paragraph (iii) of paragraph (b) of section sixteen of the Income Tax Assessment Act 1922-1930, of the rate of tax paid or payable by that company.

“(5.) Sub-sections (2.) to (13.) inclusive of section thirteen of the Income Tax Assessment Act 1922