Commonwealth Consolidated Acts

COMMONWEALTH INSCRIBED STOCK ACT 1911 - SECT 52B

             (1)  If:

                     (a)  a person derives interest from Stock, from Treasury Bonds or from other securities prescribed for the purposes of section 51A; and

                     (b)  the prospectus relating to the loan on which the interest is payable stated that the interest would not be liable to income tax under any law of a State;

the interest so derived is not liable to income tax under any law of a State.

             (2)  Notwithstanding anything contained in any other Act, if in any prospectus or form of application issued in relation to a loan raised after 12 September 1931 it is so declared, the interest derived by any person in any financial year from that loan shall be free from income tax payable under the law of the Commonwealth to the same extent as interest derived from new securities referred to in section 20 of the Commonwealth Debt Conversion Act 1931 .

             (3)  Notwithstanding anything contained in any other Act, where it is declared, in any prospectus relating to the raising of a loan by means of the issue of Treasury Bonds known as War Savings Certificates or Savings Certificates, that the certificates will be free of Commonwealth income tax, the interest derived by any person in any financial year from those Bonds shall be free from income tax payable under any law of the Commonwealth.