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Income Tax (Withholding Tax Recoupment) Act 1971

Act No. 56 of 1971

This Act was prepared on 28 November 2000

Prepared by the Office of Legislative Drafting,
Attorney-General's Department, Canberra



Contents
           1     Short title [see Note 1]    1
           2     Commencement [see Note 1]   1
           3     Interpretation   1
           4     Incorporation    1
           5     Imposition of tax      1
           6     Amount of tax    1

Notes 3

An Act to impose Income Tax upon certain Interest that has been exempted
from Withholding Tax

1  Short title [see Note 1]

            This Act may be cited as the Income Tax (Withholding Tax
         Recoupment) Act 1971.

2  Commencement [see Note 1]

            This Act shall come into operation on the day on which it
         receives the Royal Assent.

3  Interpretation

            In this Act, the Assessment Act means the Income Tax Assessment
         Act 1936-1971.

4  Incorporation

            The Assessment Act is incorporated and shall be read as one
         with this Act.

5  Imposition of tax

            The tax known as income tax, to the extent that it is payable
         in accordance with subsection (2) of section 128N of the Assessment
         Act, is imposed, and shall be levied and paid, upon interest to
         which that subsection applies.

6  Amount of tax

            The amount of the tax imposed by this Act in respect of an
         amount of interest is the sum of:
      (a)   an amount equal to ten per centum of the amount of the
             interest; and
      (b)   an amount calculated in respect of the amount ascertained in
             accordance with the last preceding paragraph at the rate of ten
             per centum per annum for the period commencing at the
             expiration of twenty-one days after the end of the month in
             which the amount of interest was paid, or is, for the purposes
             of Division 11A of Part III of the Assessment Act, to be deemed
             to have been paid, and ending on the date of issue of the
             notice of assessment of the tax, as shown on the notice.
Notes to the Income Tax (Withholding Tax Recoupment) Act 1971

Note 1

Act No. 56, 1971; assented to and commenced 25 May 1971.