Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 (Cth)
This is a compilation of the
This compilation was prepared on 15 January 2016.
The notes at the end of this compilation
(the
The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on ComLaw ( The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on ComLaw for the compiled law.
If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.
If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on ComLaw for the compiled law.
If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes.
Contents
This Act may be cited as the
Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 .
This Act shall come into operation on the day on which the
Taxation Laws Amendment Act 1988 receives the Royal Assent.
In this Act, “Assessment Act” means the
Income Tax Assessment Act 1936 .
The Assessment Act is incorporated and shall be read as one with this Act.
This Act binds the Crown in each of its capacities.
The tax known as income tax, to the extent that it is payable in accordance with section 128NB of the Assessment Act, is imposed, and shall be levied and paid, on the lost withholding tax amount referred to in that section.
The rate of tax imposed by this Act on the lost withholding tax amount is 75%.
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnotes about misdescribed amendments and other matters are included in a compilation only as necessary.
The abbreviation key sets out abbreviations that may be used in the endnotes.
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the abbreviation “(md not incorp)” is added to the details of the amendment included in the amendment history.
A = Act | o = order(s) |
ad = added or inserted | Ord = Ordinance |
am = amended | orig = original |
amdt = amendment | par = paragraph(s)/subparagraph(s) |
c = clause(s) | /sub‑subparagraph(s) |
C[x] = Compilation No. x | pres = present |
Ch = Chapter(s) | prev = previous |
def = definition(s) | (prev…) = previously |
Dict = Dictionary | Pt = Part(s) |
disallowed = disallowed by Parliament | r = regulation(s)/rule(s) |
Div = Division(s) | Reg = Regulation/Regulations |
exp = expires/expired or ceases/ceased to have | reloc = relocated |
effect | renum = renumbered |
F = Federal Register of Legislative Instruments | rep = repealed |
gaz = gazette | rs = repealed and substituted |
LI = Legislative Instrument | s = section(s)/subsection(s) |
LIA
= | Sch = Schedule(s) |
(md) = misdescribed amendment can be given | Sdiv = Subdivision(s) |
effect | SLI = Select Legislative Instrument |
(md not incorp) = misdescribed amendment | SR = Statutory Rules |
cannot be given effect | Sub‑Ch = Sub‑Chapter(s) |
mod = modified/modification | SubPt = Subpart(s) |
No. = Number(s) | |
commenced or to be commenced |
Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 | 12, 1988 | 26 Apr 1988 | 26 Apr 1988 (s 2) | |
Taxation Laws Amendment Act (No. 2) 1999 | 93, 1999 | 16 July 1999 | Sch 1 (items 38, 39(1), (9)): 16 July 1999 (s 2(1)) | Sch 1 (item 39(1), (9)) |
Statute Law Revision Act (No. 2) 2015 | 145, 2015 | 12 Nov 2015 | Sch 3 (item 22): 10 Dec 2015 (s 2(1) item 7) | — |
s 5......................................... | rs No 145, 2015 |
s 7......................................... | am No 93, 1999 |
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