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



Compilation Information

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 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.

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 = repealed rs. = repealed and substituted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.