Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Amendment Act 1985
No. 172 of 1985
An Act to amend the Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Act 1985, and for related purposes
[Assented to 16 December 1985]
BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:
Short title, &c.
1. (1) This Act may be cited as the Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Amendment Act 1985.
(2) The Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Act 19851 is in this Act referred to as the Principal Act.
Commencement
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Title
3. The title of the Principal Act is amended by omitting “corporate” and substituting “prescribed”.
Short title
4. Section 1 of the Principal Act is amended by omitting “Corporate” and substituting “Prescribed”.
Interpretation
5. Section 3 of the Principal Act is amended by inserting after the definition of “non-profit company” the following definitions:
“‘prescribed unit trust’ means a corporate unit trust or a public trading trust;
‘public trading trust’ means a unit trust that is a public trading trust within the meaning of Division 6c of Part III of the Assessment Act;”.
Imposition of income tax
6. Section 5 of the Principal Act is amended by omitting from sub-paragraphs (3) (a) (ii) and (b) (ii) “corporate” and substituting “prescribed”.
7. After section 7 of the Principal Act the following section is inserted:
Rate of tax payable by trustees of public trading trusts
“7a. The rate of tax payable by a trustee of a public trading trust in respect of the net income of the public trading trust in respect of which the trustee is liable, under section 102s of the Assessment Act, to be assessed and to pay tax is 46%.”.
Instalments of tax
8. Section 14 of the Principal Act is amended by omitting “corporate” and substituting “prescribed”.
Application of amendments
9. The amendments made by this Act have effect only for the purposes of the application of the Principal Act in accordance with sub-section 12 (2) of that Act.
NOTE
1. No. 125, 1985.
[Minister’s second reading speech made in—
House of Representatives on 15 November 1985
Senate on 3 December 1985]