WAR-TIME PROFITS TAX ASSESSMENT.
No. 53 of 1924.
An Act relating to certain Assessments of
War-time Profits.
[Assented to 20th October, 1924.]
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.
1.This
Act may be cited as the War-time Profits
Tax Assessment Act 1924.
Acceptance
of assessments involving value of live stock.
2.—(1.) Where the value of live stock has been taken
into account in assessments made under the War-time
Profits Tax Assessment Act 1917, or under that Act as subsequently amended,
the person whose profits were assessed may, within four months after the
commencement of this Act, elect to have the assessments so made altered, so
that, in determining the liability of that person to pay tax under that Act,
the value of the live stock shall be taken into account at a value selected by
the taxpayer within the limits prescribed by regulation fifty contained in
Statutory Rules 1923, No. 177, made under the Income Tax Assessment Act 1922–1923 for the purposes of the
selection under section sixteen of that Act of the value of live stock.
(2.) For the purposes of the last preceding
sub-section ‘‘live stock” means the live stock not disposed of at the beginning
or end of the accounting periods which have been taken into consideration for
the purposes of the assessment.
(3.) Where any person entitled to elect under the
last preceding sub-section fails so to elect within the period specified in
that subsection, he shall be deemed to have accepted the existing assessment
which shall thereupon be deemed to be correct, valid and effectual.
(4.) An election shall not be deemed to have been
made under sub-section (1.) of this section unless notice in writing thereof is
given or posted to the Commissioner of Taxation within the period specified in
that sub-section.
Alteration
of assessments.
3.Where
in pursuance of the last preceding section a person elects to have his
assessment altered the Commissioner may forthwith alter the assessment
accordingly, and the assessment as so altered shall be deemed to be the
assessment of the profits of that person under the War-time Profits Tax Assessment Act 1917