Income Tax
Amendment Act (No. 2) 1987
No.
109 of 1987
An
Act to amend the Income Tax Act 1986,
and for related purposes
[Assented to 26 November 1987]
BE IT ENACTED by the Queen, and the
Senate and the House of Representatives of the Commonwealth of Australia, as
follows:
Short
title etc.
1. (1) This Act may be cited as the Income Tax Amendment Act (No. 2) 1987.
(2) The Income Tax Act 19861 is in this Act referred to as the Principal Act.
Commencement
2. This Act shall come
into operation on the day on which it receives the Royal Assent.
Imposition
of income tax
3.Section 5 of the
Principal Act is amended by omitting from subsection (2) “, 128t”.
Levy
of tax
4. Section 7 of the
Principal Act is amended by omitting all the words after “1 July 1986” and
substituting “, the financial year that commenced on 1 July 1987 and, until the
Parliament otherwise provides, the financial year commencing on 1 July 1988”.
Repeal
of sections 8, 9 and 10
5. Sections 8, 9 and 10 of
the Principal Act are repealed.
Application
of amendment
6. The amendment made by
section 3 applies in relation to income of the year of income commencing on 1
July 1986 and of all subsequent years of income.
NOTE
1. No. 108,
1986, as amended. For previous amendments, see No. 64, 1987.
[Minister’s
second reading speech made in—
House
of Representatives on 23 September 1987
Senate
on 23 October 1987