Income Tax (Securities and Agreements) (Withholding Tax Recoupment) Act 1986 (Cth)

Income Tax (Securities and Agreements) (Withholding Tax Recoupment) Act 1986

No. 50, 1986

An Act to impose income tax in respect of avoided withholding tax amounts in relation to certain securities and agreements

      

Contents

Income Tax (Securities and Agreements) (Withholding Tax Recoupment) Act 1986

No. 50, 1986

An Act to impose income tax in respect of avoided withholding tax amounts in relation to certain securities and agreements

[Assented to 24 June 1986]

The Parliament of Australia enacts:

1Short title

 This Act may be cited as the Income Tax (Securities and Agreements) (Withholding Tax Recoupment) Act 1986.

2Commencement

 This Act shall come into operation on the day on which the Taxation Laws Amendment Act (No. 2) 1986 receives the Royal Assent.

3Interpretation

 In this Act, Assessment Act means the Income Tax Assessment Act 1936.

4Incorporation

 The Assessment Act is incorporated and shall be read as one with this Act.

5Imposition of tax

 The tax known as income tax, to the extent that it is payable in accordance with subsection 128NA(4) of the Assessment Act, is imposed, and shall be levied and paid, upon the avoided withholding tax amount referred to in that subsection.

6Amount of tax

 The amount of the tax imposed by this Act in respect of the avoided withholding tax amount referred to in subsection 128NA(4) of the Assessment Act is an amount equal to that avoided withholding tax amount.