INCOME
TAX AND SOCIAL SERVICES CONTRIBUTION ASSESSMENT (NO. 3).
No. 81 of 1953.
An
Act to amend the law relating to Income Tax.
[Assented to 11th December, 1953.]
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. 3) 1953.
(2.) The Income
Tax and Social Services Contribution Assessment Act 1936-1952, as amended
by the Taxation Administration Act 1953,
by the Income Tax and Social Services
Contribution Assessment Act 1953 and by the Income Tax and Social Services Contribution Assessment Act (No. 2) 1953, is in this Act referred to
as the Principal Act.
(3.) Section one of the Income Tax and Social Services Contribution Assessment Act (No. 2) 1953 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 1936-1953.
Commencement.
2. This
Act shall come into operation on the day on which it receives the Royal Assent.
Parts.
3.Section
five of the Principal Act is amended by omitting the words—
“Part IIIb.—Relief from
Double Taxation.”.
Credit
in respect of tax paid abroad on ex-Australian dividends.
4.Section
forty-five of the Principal Act is amended—
(a)by omitting from sub-paragraph (ii) of
paragraph (a) of subsection (1.) the words “section one hundred and sixty k of this Act” and inserting in their
stead the words “section sixteen of the Income
Tax (International Agreements) Act 1953”;
(b)by omitting from sub-section (5.) the
words “paragraphs (a), (b) and (c) of the definition of ‘distributable income’” and inserting in
their stead the words “paragraphs (a)
and (b) of the definition of’ the distributable income’”;
(c)
by omitting from sub-section (5.) the words “section one hundred and three D”
and inserting in their stead the words “section one hundred and five c”; and
(d)by omitting from sub-section (9.) the
words “Part IIIb. of this Act” and
inserting in their stead the words “the Income
Tax (International Agreements) Act 1953 “.
Rebate
in case of double and treble taxation.
5.Section
one hundred and fifty-nine of the Principal Act is repealed.
Repeal
of Part IIIB.
6.—(1.) Part
IIIb. of the Principal Act is repealed.
(2.) In the application of sub-section (4.) of
section one hundred and sixty qof the Principal Act in
relation to assessments in respect of income of the year of income that ended
on the thirtieth day of June, One thousand nine hundred and fifty-two, and the
year of income that ended on the thirtieth day of June, One thousand nine
hundred and fifty-three, the reference in that sub-section to the provisions of
paragraphs (a), (b) and (c) of the
definition of “distributable income” in sub-section (1.) of section one hundred
and three of that Act shall be read as a reference to the provisions of
paragraphs (a) and (b)of the definition of “the distributable income” in that sub-section and the
reference to section one hundred and three dof that Act shall be read as a
reference to section one hundred and five c of that Act.
7.After
section two hundred and twenty-one ydbof the Principal Act the
following section is inserted:—
Reduction
of provisional tax.
“221ydc. Where,
by reason of the provisions of section forty-five of this Act or of the
provisions of the Income Tax (International Agreements) Act 1953, the amount of income tax
which a person will be liable to pay in respect of the income of a year of
income is likely to be less than the amount of provisional tax which, but for
this section, would be payable in respect of that income, the Commissioner may
reduce the provisional tax by such amount as he thinks reasonable in the
circumstances.”.
Repeal
of Third Schedule.
8.The Third Schedule to
the Principal Act is repealed.
Application
of amendments.
9.—(1.) The
amendments effected by paragraphs (a) and (d)of section four of
this Act apply in relation to dividends included in assessable income of the
year of income that commenced on the first day of July, One thousand nine
hundred and fifty-three, and of all subsequent years.
(2.) The amendments effected by paragraphs (b) and (c) of section four of this
Act apply in relation to assessments in respect of income of the year of income
that ended on the thirtieth day of June, One thousand nine hundred and
fifty-two, and of all subsequent years.
(3.) The amendments effected by section five, by
sub-section (1.) of section six and by section seven, of this Act apply in relation
to assessments and provisional tax in respect of income, and the ascertainment
of credits against tax on income, of the year of income that commenced on the
first day of July, One thousand nine hundred and fifty-three, and of all
subsequent years.