TAXATION OF LOANS ACT 1923
- Reprinted as at 2 June 1936 (HISTACT2 CHAP 474 #DATE 02:06:1936)
TAXATION OF LOANS ACT 1923 - TABLE OF PROVISIONS
TABLE
TAXATION OF LOANS ACT 1923
TABLE OF PROVISIONS
Section
1. Short title
2. Definition
3. Liability of interest on Commonwealth and State loans to
Commonwealth Income Tax
4. Liability of interest on Commonwealth loans to income tax under
State law
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TAXATION OF LOANS ACT 1923 - SECT. 1.
Short title.
SECT
An Act relating to the Taxation of Interest derived from certain Loans.
1. This Act may be cited as the Taxation of Loans Act 1923.*
TAXATION OF LOANS ACT 1923 - SECT. 2.
Definition.
SECT
2. In this Act ''loan'' includes a conversion loan and a loan raised for the
redemption or repayment of an existing loan.
TAXATION OF LOANS ACT 1923 - SECT. 3.
Liability of interest on Commonwealth and State loans to Commonwealth Income
Tax.
SECT
3. Notwithstanding anything contained in any Act or State Act, the interest
on any loan raised in Australia after the thirty-first day of December One
thousand nine hundred and twenty-three, by the Commonwealth or by a State, or
by any authority constituted by or under any law of the Commonwealth or a
State, shall be subject to taxation under any law of the Commonwealth relating
to Income Tax, and, for the purpose of that taxation, shall be deemed to be
part of the income of the respective persons or bodies to whom the interest is
payable.
TAXATION OF LOANS ACT 1923 - SECT. 4.
Liability of interest on Commonwealth loans to income tax under State law.
SECT
4. (1) Notwithstanding anything contained in any Act, the interest on any
loan raised in Australia, after the date of the commencement of this section*,
by the Commonwealth, or by any authority constituted by or under any law of
the Commonwealth, shall be subject to taxation under the laws of the
respective States relating to Income Tax:
Provided that the taxation imposed by any State in pursuance of this section
shall be at a rate not exceeding that applicable, under the law of that State,
to interest on any loan raised by it, and shall not apply to a greater extent
than it would apply if the interest on the loan raised by the Commonwealth, or
by any authority constituted by or under any law of the Commonwealth, had been
interest on a loan raised by that State.
(2) This section shall not commence until a date to be fixed by
proclamation.*
Section 5 repealed by No. 27, 1936, s. 2.
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TAXATION OF LOANS ACT 1923 - NOTES
NOTES
1. This Act comprises the Taxation of Loans Act 1923 as amended by the other
Act specified in the following table:
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Number Date of Assent
Act and year and of commencement
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Taxation of Loans Act 1923 No. 30, 1923 1 Sept 1923
Income Tax Assessment Act
1936 No. 27, 1936 2 June 1936
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2.-S. 4-No proclamation had been issued for the commencement of section 4 as
at 1 November 1974.
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