WAR-TIME
(COMPANY) TAX ASSESSMENT.
No. 56 of 1941.
An Act
to amend the War-time (Company) Tax Assessment Act 1940.
[Assented
to 3rd December, 1941.]
BE
it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives
of the Commonwealth of Australia, as follows:—
Short
title and citation.
1.—(1.) This Act may be cited as the War-time (Company) Tax Assessment Act 1941.
(2.) The War-time
(Company) Tax Assessment Act 1940 is in this Act referred to as the Principal
Act.
(3.) The Principal Act, as amended by this Act,
may be cited as the War-time (Company) Tax Assessment Act 1940–1941.
Commencement
2. This Act shall come into operation on the day on which it receives
the Royal Assent.
Definitions.
3. Section three of the Principal Act is amended by omitting the
definition of “income tax” and inserting in its stead the following
definition:—
“‘income
tax’ means the income tax imposed as such by any Act, but does not include—
(a)any tax imposed by any such Act as a super tax on part of the taxable
income of a company; or
(b) any tax assessed under the provisions
of Part IIIa. of the Income Tax
Assessment Act;”.
Statutory
percentage.
4. Section twenty of the Principal Act is amended by omitting the
word “eight” and inserting in its stead the word “five”.
Ascertainment
of capital.
5. Section twenty-four of the Principal Act is amended by omitting
from sub-section (6.) the words “Twelve thousand five hundred pounds” (twice
occurring) and inserting in their stead the words “Twenty thousand pounds”.
6. After section thirty-seven of the Principal Act the following
section is inserted:—
Duration
of Act.
“38. This Act shall continue in force until six
months after the end of the financial year during which the present war between
His Majesty the King and Germany terminates, and no longer.”.
Application
of amendments.
7.—(1.) The amendment effected by section three of
this Act shall apply to all assessments for the financial year beginning on the
first day of July, One thousand nine hundred and forty and all subsequent
years:
Provided that nothing in
this sub-section shall operate to prevent the Commissioner from giving effect
to any decision given by the Board of Review prior to the date of the
commencement of this Act concerning any assessment made for the financial year
beginning on the first day of July, One thousand nine hundred and forty.
(2.) The amendments effected by sections four and
five of this Act shall apply to all assessments for the financial year
beginning on the first day of July, One thousand nine hundred and forty-one and
all subsequent years.
Regulations
prescribing increase in statutory percentage.
8.—(1.) Where, prior to the commencement of this Act,
a Board of Referees has inquired into and reported to the Minister on the
question whether a greater statutory percentage than that prescribed by section
twenty of the Principal Act should be prescribed in respect of any class of
business, the Board shall, as soon as may be after the commencement of this
Act, either with or without hearing further evidence or representations, make a
further report to the Minister containing such recommendation as, having regard
to the amendments made by this Act to the Principal Act, the Board thinks just.
(2.) Any regulations giving effect to any such
further recommendation shall take effect from such date as is specified in the
regulations, but, where those regulations reduce a statutory percentage which
has been prescribed by regulations prior to the commencement of this Act, the
reduced statutory percentage shall not apply to assessments for any financial
year prior to that commencing on the first day of July, One thousand nine
hundred and forty-one.