Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Amendment Act 1983 (Cth)

Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Amendment Act 1983

No. 17 of 1983

An Act to amend the Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Act 1982

[Assented to 14 June 1983]

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 (Companies, Corporate Unit Trusts and Superannuation Funds) Amendment Act 1983.

(2) The Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Act 19821is 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 sub-section (3) and substituting the following sub-section:

“(3) This Act does not impose tax payable by—

(a) a natural person, other than—

(i) a person in the capacity of a trustee of a superannuation fund;

(ii) a person in the capacity of a trustee of a corporate unit trust; or

(iii) a person in the capacity of a trustee of a trust estate, being a person who is liable to be assessed and to pay tax under sub-section 98 (3) of the Assessment Act; or

(b) a company in the capacity of a trustee, other than—

(i) a company in the capacity of a trustee of a superannuation fund;

(ii) a company in the capacity of a trustee of a corporate unit trust; or

(iii) a company in the capacity of a trustee of a trust estate, being a company that is liable to be assessed and to pay tax under sub-section 98 (3) of the Assessment Act.”.

4. After section 8 of the Principal Act the following section is inserted:

Rate of tax payable by trustee to whom sub-section 98 (3) of Assessment Act applies

“8a. The rate of tax payable by a trustee of a trust estate in respect of a share of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax in pursuance of sub-section 98 (3) of the Assessment Act is 46%.”.

NOTE

1. No. 102, 1982.