INCOME
TAX AND SOCIAL SERVICES CONTRIBUTION ASSESSMENT (No. 2).
No.
58 of 1960.
An
Act to amend the Law relating to Income Tax.
[Assented
to 25th November, 1960.]
BE
it enacted by the Queen’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 and Social Services Contribution
Assessment Act (No. 2) 1960.
(2.) The Income
Tax and Social Services Contribution Assessment Act 1936-1959, as amended
by the Salaries (Statutory Offices) Adjustment
Act 1960 and the Income Tax and
Social Services Contribution Assessment Act 1960, is in this Act referred
to as the Principal Act.
(3.) Section one of the Income Tax and Social Services Contribution Assessment Act 1960 is
amended by omitting sub-section (4.).
(4.) The Principal Act, as amended by this Act,
may be cited as the Income Tax and Social
Services Contribution Assessment Act 1936-1960.
Commencement.
2. This Act shall come into operation on the day on which it receives
the Royal Assent.
Partial
exemption of income from Certain mining operations.
3. Section twenty-three a of
the Principal Act is amended by omitting sub-section (3.).
Special
depreciation allowance to primary producers.
4.—(1.) Section fifty-seven aa of the Principal Act is amended by omitting from
sub-section (4.) the words “Two thousand seven hundred and fifty pounds” (wherever
occurring) and inserting in their stead the words “Three thousand two hundred
and fifty pounds”.
(2.) The amendment made by the last preceding
sub-section does not apply in relation to a structural improvement the
construction of which was commenced before the first day of July, One thousand
nine hundred and sixty.
Subscriptions
to associations.
5. Section seventy-three of the Principal Act is amended by omitting
from sub-sections (2.) and (3.) the words “ten pounds ten shillings” (wherever
occurring) and inserting in their stead the words “Twenty-one pounds”.
Gifts,
calls on mining shares, pensions, &c.
6. Section seventy-eight of the Principal Act is amended—
(a) by omitting from sub-paragraph (xxvi) of paragraph (a) of sub-section (1.) the words “and the Northern Territory
National Trust” and inserting in their stead the words”, the National Trust of
Australia (Tasmania) Limited and the Northern Territory National Trust”; and
(b) by adding at the end of that paragraph the following sub-paragraphs—
“(xxxiv)
the Art Gallery Society of New South Wales;
“(xxxv)
the Australian Productivity Council;
“(xxxvi)
the Australian Postgraduate Federation in Medicine, the College of Radiologists
of Australasia, the Australian College of General Practitioners and the College
of Pathologists of Australia, where the gift is for the purpose of education or
research in medical knowledge or science;”.
Application
of amendments.
7. The amendments made by sections five and six of this Act apply to
assessments in respect of income of the year of income that commenced on the
first day of July, One thousand nine hundred and sixty, and in respect of
income of all subsequent years.
Provisional
tax for year of income commencing 1st July, 1960.
8. The amount of provisional tax and contribution payable by a
taxpayer under Division 3 of Part VI. of the Principal Act as amended by this
Act in respect of income of the year of income that commenced on the first day
of July, One thousand nine hundred and sixty, is an amount equal to the amount
that would have been payable in accordance with the provisions of that Division
if he had not been entitled to a rebate under section eight of the Income Tax and Social Services Contribution
Act 1959