Income Tax (Withholding Tax Recoupment) Act 1971 (Cth)

Income Tax (Withholding Tax Recoupment) Act 1971

No. 56 of 1971

An Act to impose Income Tax upon certain Interest that has been exempted from Withholding Tax

      

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Income Tax (Withholding Tax Recoupment) Act 1971

No. 56 of 1971

An Act to impose Income Tax upon certain Interest that has been exempted from Withholding Tax

[Assented to 25 May 1971]

1Short title

 This Act may be cited as the Income Tax (Withholding Tax Recoupment) Act 1971.

2Commencement

 This Act shall come into operation on the day on which it receives the Royal Assent.

3Interpretation

 In this Act, the Assessment Act means the Income Tax Assessment Act 1936‑1971.

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 (2) of section 128n of the Assessment Act, is imposed, and shall be levied and paid, upon interest to which that subsection applies.

6Amount of tax

 The amount of the tax imposed by this Act in respect of an amount of interest is the sum of:

• (a)

  an amount equal to ten per centum of the amount of the interest; and

• (b)

  an amount calculated in respect of the amount ascertained in accordance with the last preceding paragraph at the rate of ten per centum per annum for the period commencing at the expiration of twenty‑one days after the end of the month in which the amount of interest was paid, or is, for the purposes of Division 11a of Part III of the Assessment Act, to be deemed to have been paid, and ending on the date of issue of the notice of assessment of the tax, as shown on the notice.