Income Tax Assessment Amendment (Income Equalization Deposits) Act 1984 (Cth)

Income Tax Assessment Amendment (Income Equalization Deposits) Act 1984

No. 174 of 1984

  

An Act to make certain amendments of the Income Tax Assessment Act 1936 consequent upon the enactment of the Loan (Income Equalization Deposits) Amendment Act 1984

[Assented to 26 October 1984]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c.

1. (1) This Act may be cited as the Income Tax Assessment Amendment (Income Equalization Deposits) Act 1984.

(2) The Income Tax Assessment Act 19361is in this Act referred to as the Principal Act.

Commencement

2. This Act shall come into operation on the day on which the Loan (Income Equalization Deposits) Amendment Act 1984 comes into operation.

 

Officers to observe secrecy

3. (1) Section 16 of the Principal Act is amended by inserting after paragraph (4) (h) the following paragraph:

“(ha) the authorized person holding office under the Loan (Income Equalization Deposits) Act 1976 for the purposes of the administration of that Act;”.

(2) The amendment made by sub-section (1) applies in respect of the communication of information on or after 1 January 1985.

(3) Until 1 January 1985, nothing in section 16 of the Principal Act prohibits the Commissioner, a Second Commissioner or a Deputy Commissioner, or any person thereto authorized by him, from communicating any information for the purposes of the administration of the Loan (Income Equalization Deposits) Act 1976.

Interpretation

4. Section 159ga of the Principal Act is amended by adding at the end thereof the following sub-section:

“(5) For the purposes of this Division, where—

(a) on or after 1 September 1983, the whole or a part (which whole or part is in this sub-section referred to as the ‘relevant amount’) of a parcel of drought bonds was converted, under section 12 of the Loan (Income Equalization Deposits) Act 1976 as in force before the commencement of this sub-section, into a deposit within the meaning of that Act; or

(b) the whole or a part (which whole or part is in this sub-section also referred to as the ‘relevant amount’) of a deposit or of a parcel of drought bonds is, under section 12a of the Loan (Income Equalization Deposits) Act 1976, converted into a non-Class C deposit within the meaning of that Act,

the relevant amount shall be deemed to have become repayable—

(c) in a case where the conversion was the conversion of the whole or a part of a deposit and the conversion occurred within 60 days after the commencement of this sub-section—on 1 September 1983; and

(d) in any other case—on the date of the conversion.”.

Deductions in respect of income equalization deposits

5. Section 159gc of the Principal Act is amended by inserting in sub-section (1) “before 1 September 1983” after “made”.

 

Unrecouped deduction included in assessable income on deposit becoming repayable

6. Section 159gd of the Principal Act is amended by inserting after sub-section (2) the following sub-sections:

“(2a) Where—

(a) the whole or a part of a deposit is deemed by sub-section 159ga (5) to have become repayable at any time (in this sub-section referred to as the ‘relevant time’), whether before or after the commencement of this sub-section; and

(b) immediately before the relevant time, there was an unrecouped deduction in respect of the deposit,

there shall be included in the assessable income of the depositor of the year of income in which the relevant time occurred—

(c) where the whole of the deposit, or so much of the deposit as had not previously become repayable, is deemed by sub-section 159ga (5) to have become repayable—an amount equal to the amount of the unrecouped deduction; or

(d) where part only of the deposit, or of so much of the deposit as had not previously become repayable, is deemed by sub-section 159ga (5) to have become repayable—the amount by which the amount of the unrecouped deduction exceeds so much of the deposit as had not previously become repayable.

“(2b) Where—

(a) the whole or a part of a parcel of drought bonds is deemed by sub-section 159ga(5) to have become repayable at any time (in this sub-section referred to as the ‘relevant time’), whether before or after the commencement of this sub-section; and

(b) immediately before the relevant time there was an unrecouped deduction under Division 16b in respect of the parcel,

there shall be included in the assessable income, of the year of income in which the relevant time occurred, of the person who was the holder of the parcel immediately before the relevant time—

(c) where the whole of the parcel, or so much of the parcel as had not previously become repayable, is deemed by sub-section 159ga (5) to have become repayable—an amount equal to the amount of the unrecouped deduction; or

(d) where part only of the parcel, or of so much of the parcel as had not previously become repayable, is deemed by sub-section 159ga (5) to have become repayable—the amount by which the amount of the unrecouped deduction exceeds so much of the parcel as had not previously become repayable.”.

 

Amendment of assessments

7. Nothing in section 170 of the Principal Act prevents the amendment of an assessment made before the commencement of this Act for the purpose of giving effect to the amendments made by this Act.

 

NOTE

1. No. 27, 1936, as amended. For previous amendments, see No. 88, 1936; No. 5, 1937; No. 46, 1938; No. 30, 1939; Nos. 17 and 65, 1940; Nos. 58 and 69, 1941; Nos. 22 and 50, 1942; No. 10, 1943; Nos. 3 and 28, 1944; Nos. 4 and 37, 1945; No. 6, 1946; Nos. 11 and 63, 1947; No. 44, 1948; No. 66, 1949; No. 48, 1950; No. 44, 1951; Nos. 4, 28 and 90, 1952; Nos. 1, 28, 45 and 81, 1953; No. 43, 1954; Nos. 18 and 62, 1955; Nos. 25, 30 and 101, 1956; Nos. 39 and 65, 1957; No. 55, 1958; Nos. 12, 70 and 85, 1959; Nos. 17, 18, 58 and 108, 1960; Nos. 17, 27 and 94, 1961; Nos. 39 and 98, 1962; Nos. 34 and 69, 1963; Nos. 46, 68, 110 and 115, 1964; Nos. 33, 103 and 143, 1965; Nos. 50 and 83, 1966; Nos. 19, 38, 76 and 85, 1967; Nos. 4, 60, 70, 87 and 148, 1968; Nos. 18, 93 and 101, 1969; No. 87, 1970; Nos. 6, 54 and 93, 1971; Nos. 5, 46, 47, 65 and 85, 1972; Nos. 51, 52, 53, 164 and 165, 1973; No. 216, 1973 (as amended by No. 20, 1974); Nos. 26 and 126, 1974; Nos. 80 and 117, 1975; Nos. 50, 53, 56, 98, 143, 165 and 205, 1976; Nos. 57, 126 and 127, 1977; Nos. 36, 57, 87, 90, 123, 171 and 172, 1978; Nos. 12, 19, 27, 43, 62, 146, 147 and 149, 1979; Nos. 19, 24, 57, 58, 124, 133, 134 and 159, 1980; Nos. 61, 92, 108, 109, 110, 111, 154 and 175, 1981; Nos. 29, 38, 39, 76, 80, 106 and 123, 1982; Nos. 14, 25, 39, 49, 51, 54 and 103, 1983; and No. 124, 1984.