Income Tax (Companies,
Corporate Unit Trusts and Superannuation Funds) Amendment Act 1985
No. 172 of 1985
An
Act to amend the Income Tax (Companies, Corporate Unit Trusts and
Superannuation Funds) Act 1985, and
for related purposes
[Assented to 16 December 1985]
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 1985.
(2)
The Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Act 19851is 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.
Title
3. The title of the
Principal Act is amended by omitting “corporate” and substituting “prescribed”.
Short
title
4. Section 1 of the
Principal Act is amended by omitting “Corporate” and substituting “Prescribed”.
Interpretation
5. Section 3 of the
Principal Act is amended by inserting after the definition of “non-profit
company” the following definitions:
“‘prescribed unit trust’ means a
corporate unit trust or a public trading trust;
‘public trading trust’ means a unit
trust that is a public trading trust within the meaning of Division 6c of Part III of the Assessment Act;”.
Imposition
of income tax
6. Section 5 of the
Principal Act is amended by omitting from sub-paragraphs (3) (a) (ii) and (b) (ii)
“corporate” and substituting “prescribed”.
7. After section 7 of the
Principal Act the following section is inserted:
Rate
of tax payable by trustees of public trading trusts
“7a. The rate of tax payable by a trustee
of a public trading trust in respect of the net income of the public trading
trust in respect of which the trustee is liable, under section 102s of the Assessment Act, to be assessed
and to pay tax is 46%.”.
Instalments
of tax
8. Section 14 of the
Principal Act is amended by omitting “corporate” and substituting “prescribed”.
Application
of amendments
9. The amendments made by
this Act have effect only for the purposes of the application of the Principal
Act in accordance with sub-section 12 (2) of that Act.
NOTE
1. No. 125,
1985.
[Minister’s
second reading speech made in—
House
of Representatives on 15 November 1985
Senate
on 3 December 1985