[pic] Income Tax (Bearer Debentures) Act 1971 Act No. 55 of 1971 as amended This compilation was prepared on 1 July 2006 taking into account amendments up to Act No. 55 of 2006 The text of any of those amendments not in force on that date is appended in the Notes section The operation of amendments that have been incorporated may be affected by application provisions that are set out in the Notes section Prepared by the Office of Legislative Drafting and Publishing, 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 Rate of tax 1 Notes 3 An Act to impose Income Tax upon Interest paid or credited by Companies in respect of certain Debentures 1 Short title [see Note 1] This Act may be cited as the Income Tax (Bearer Debentures) 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 section 126 of the Assessment Act, is imposed, and shall be levied and paid, upon interest to which that section applies. 6 Rate of tax The rate of tax imposed by this Act on an amount of interest is 45%. Notes to the Income Tax (Bearer Debentures) Act 1971 Note 1 The Income Tax (Bearer Debentures) Act 1971 as shown in this compilation comprises Act No. 55, 1971 amended as indicated in the Tables below. All relevant information pertaining to application, saving or transitional provisions prior to 30 June 1997 is not included in this compilation. For subsequent information see Table A. Table of Acts |Act |Number |Date |Date of |Applicat| | |and year|of Assent|commenceme|ion, | | | | |nt |saving | | | | | |or | | | | | |transiti| | | | | |onal | | | | | |provisio| | | | | |ns | |Income Tax |55, 1971|25 May |25 May | | |(Bearer | |1971 |1971 | | |Debentures) Act | | | | | |1971 | | | | | |Income Tax |128, |6 Dec |6 Dec 1974|- | |(Bearer |1974 |1974 | | | |Debentures) Act | | | | | |1974 | | | | | |Income Tax |107, |23 Nov |23 Nov |- | |(Bearer |1983 |1983 |1983 | | |Debentures) | | | | | |Amendment Act | | | | | |1983 | | | | | |Taxation Laws |109, |4 Nov |4 Nov 1986|- | |(Miscellaneous |1986 |1986 | | | |Provisions) Act | | | | | |1986 | | | | | |Taxation Laws |70, 1989|21 June |21 June |S. 6 | |Amendment (Rates| |1989 |1989 | | |and Rebates) Act| | | | | |1989 | | | | | |Taxation Laws |95, 1997|30 June |Schedule 5|Sch. 5 | |Amendment Act | |1997 |(item10): |(item 11| |(No. 2) 1997 | | |(a) |) [see | | | | | |Table A]| |Tax Laws |55, 2006|19 June |Schedules |Sch. 1 | |Amendment | |2006 |1, 3 and |(item 32| |(Personal Tax | | |4: 1 July |(2)) | |Reduction and | | |2006 |[see | |Improved | | |Remainder:|Table A]| |Depreciation | | |Royal | | |Arrangements) | | |Assent | | |Act 2006 | | | | | (a) The Income Tax (Bearer Debentures) Act 1971 was amended by Schedule 5 (item10) only of the Taxation Laws Amendment Act (No. 2) 1997, subsection 2(4) of which provides as follows: (4) Part 1 of Schedule 5 commences immediately after the commencement of Schedule 2. Schedule 2 commenced on 30 June 1997. Table of Amendments |ad. = added or inserted am. = amended rep. = | |repealed rs. = repealed and substituted | |Provision affected|How affected | |S. 6 |am. No. 128, 1974; No. 107, 1983; | | |No. 109, 1986; No. 70, 1989 | | |rs. No. 95, 1997 | | |am. No. 55, 2006 | Table A Application, saving or transitional provisions Taxation Laws Amendment Act (No. 2) 1997 (No. 95, 1997) Schedule 5 11 Application The amendments made by this Part apply to interest paid or credited after the commencement of this Part. Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 (No. 55, 2006) Schedule 1 32 Application (2) The amendment of the Income Tax (Bearer Debentures) Act 1971 made by this Schedule applies to interest paid or credited after 30 June 2006.