INCOME
TAX ASSESSMENT.
No. 11 of 1929.
An Act to amend section twenty-one of the Income Tax Assessment Act 1922-1928.
[Assented
to 22nd March, 1929.]
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 Assessment Act 1929.
(2.) The Income
Tax Assessment Act 1922–1928 is in this Act
referred to as the Principal Act.
(3.) The Principal Act, as amended by this Act, may
be cited as the Income Tax Assessment Act
1922–1929.
Taxation
of company where distribution not reasonable.
2. Section twenty-one of the Principal Act is amended by inserting at
the end of sub-section (1.) the following proviso:—
“Provided that any determination
made, or purporting to have been made, under section twenty-one of the Income Tax Assessment Act 1922 or under
that section as subsequently amended, whether made, or purposing to have been
made. before or after the commencement of this proviso, shall be, and shall at
all times be deemed to have been, valid and effectual for all the purposes of
this Act as a determination under that section notwithstanding that—
(a) a date has not been fixed by the
Commissioner as a date before which the company to which the determination applies
has not distributed at least two-thirds of the taxable income upon which this
company has been assessed for any financial year; or
(b)