INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988 

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988 
- TABLE OF PROVISIONS

1.   Short title [see Note 1]    
2.   Commencement [see Note 1]    
3.   Interpretation    
4.   Incorporation    
5.   Act to bind Crown    
6.   Imposition of tax    
7.   Rate of tax    

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988

- LONG TITLE

An Act to impose income tax in respect of certain dealings
by current and former offshore banking units

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988
- SECT 1   Short title [see Note 1] 

 
        This Act may be cited as the Income Tax (Offshore Banking Units)
(Withholding Tax Recoupment) Act 1988.

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988
- SECT 2   Commencement [see Note 1] 

 
        This Act shall come into operation on the day on which the Taxation Laws
Amendment Act 1988 receives the Royal Assent.

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988
- SECT 3   Interpretation 

 
        In this Act, "Assessment Act" means the Income Tax Assessment Act 1936.

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988
- SECT 4   Incorporation 

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

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988
- SECT 5   Act to bind Crown 

 
        This Act binds the Crown in right of the Commonwealth, of each of the States,
of the Northern Territory and of Norfolk Island.

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988
- SECT 6   Imposition of tax 

 
        The tax known as income tax, to the extent that it is payable in accordance
with section 128NB of the Assessment Act, is imposed, and shall be levied and
paid, on the lost withholding tax amount referred to in that section.

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988
- SECT 7   Rate of tax 

 
        The rate of tax imposed by this Act on the lost withholding tax amount is 75%.

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988

- NOTES

Compilation Information

[GRAPHIC]Income Tax (Offshore Banking Units) (Withholding Tax
Recoupment) Act 1988
Act No. 12 of 1988 as amended 
Consolidated as in force on 26 August 1999
(includes amendments up to Act No. 93 of 1999)
Prepared by the Office of Legislative Drafting,Attorney-General's
Department, Canberra
  
  
  

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988

- NOTES

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988Notes to the Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988

 

Note 1
The Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act
1988 as shown in this consolidation comprises Act No. 12, 1988 amended as
indicated in the Tables below.
For all relevant information pertaining to application, saving or transitional
provisions see Table A.
Table of Acts

Act

Number
and year

Date
of Assent

Date
of commencement

Application,
saving or transitional provisions

Income
Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988

12,
1988

26
Apr 1988

        (a)

Taxation
Laws Amendment Act (No. 2) 1999

93,
1999

16
July 1999

Schedule
1 (items 38, 39): 16 July 1999 (b)

Sch.
1 (item 39(1) and (9))

        (a)
Section 2 of the Income Tax (Offshore Banking Units) (Withholding Tax
Recoupment) Act 1988 provides as follows: 
        This Act shall come into operation on the day on which the Taxation
Laws Amendment Act 1988 receives the Royal Assent.
        (b)    The Income Tax (Offshore Banking Units) (Withholding Tax
Recoupment) Act 1988 was amended by Schedule 1 (item 38) only of the
Taxation Laws Amendment Act (No. 2) 1999, subsection 2(1) of which
provides as follows:
    (1)    Subject to this section, this Act commences on the day on which it
receives the Royal Assent.

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988

- NOTES

Table of Amendments

ad.
= added or inserted      am. = amended      rep. = repealed      rs. = repealed
and substituted

Provision
affected

How
affected

S.
7	

am.
No. 93, 1999

Table A

Table A
Application, saving or transitional provisions
Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act
1988 (No. 93, 1999
Schedule 1
39  Application
(1)    Subject to this item, the amendments made by this Schedule apply in
relation to transactions entered into after 2 July 1998.
(9)    The amendment made by item 38 applies to penalties imposed after 2 July
1998.