WAR-TIME (COMPANY) TAX ASSESSMENT.
No. 29 of 1944.
An Act to amend the War-time (Company) Tax Assessment Act 1940-1943.
[Assented to 6th October, 1944.]
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 1944.
(2.) The War-time (Company) Tax Assessment Act 1940-1943, as amended by this Act, may be cited as the War-time (Company) Tax Assessment Act 1940-1944.
Commencement.
2. This Act shall come into operation on the day on which it receives the Royal Assent.
Ascertainment of capital.
3. Section twenty-four of the War-time (Company) Tax Assessment Act 1940-1943 is amended—
(a) by omitting from paragraph (iv) of sub-section (1.) the word “and”; and
(b) by adding at the end of that sub-section the following word and paragraph:—
“; and
(vi) any amounts allowed as deductions, under section fifty-three a of the Income Tax Assessment Act, from the assessable income of any previous accounting period:
Provided that, where any such amount, or any portion thereof, has been repaid to the company under section fifty-three b of the Income Tax Assessment Act, the sum so repaid shall be included in the capital employed in the accounting period following the accounting period in the assessable income of which that sum is included and in the capital employed in all subsequent accounting periods.”.
Application of amendment.
4. The amendment effected by the last preceding section shall apply to all assessments for the financial year which commenced on the first day of July, One thousand nine hundred and forty-three, and all subsequent years.