Commonwealth Numbered Acts

INCOME TAX ASSESSMENT ACT 1975 No. 80 of 1975 - SECT 3

3. Section 6 of the Principal Act is amended-

(a) by inserting in sub-section (1), after the definition of ''income tax'' or
''tax'', the following definition:-

'' 'income tax laws of Papua New Guinea' means the laws in force in Papua New
Guinea (other than laws of Australia) relating to taxes on income;'';

   (b)  by inserting in sub-section (1), after the definition of ''paid'', the
        following definitions:-

'' 'Papua New Guinea' means-

   (a)  in relation to a time before the establishment of an independent
        sovereign state in the territories that constituted the Territory of
        Papua and the Territory of New Guinea-those Territories; or

   (b)  in relation to a later time-that independent sovereign state;

'Papua New Guinea independence day' means the date of establishment of an
independent sovereign state in the territories that constituted the Territory
of Papua and the Territory of New Guinea;'';

   (c)  by omitting from sub-section (1) the definitions of ''petroleum
        exploration company'' and ''the Income Tax Ordinances of Papua New
        Guinea''; and

   (d)  by adding at the end thereof the following sub-sections:-

''(7) In determining, in relation to the year of income in which Papua New
Guinea independence day occurs or any subsequent year of income, whether a
provident, benefit, superannuation or retirement fund was a 'foreign
superannuation fund' within the definition of that expression in sub-section
(1)-

   (a)  the reference in that definition to a country outside Australia shall
        be deemed to include a reference to Papua New Guinea;

   (b)  references in that definition to a Territory shall be deemed not to
        include references to Papua New Guinea; and

   (c)  the reference in that definition to an amount having been set aside
        for, or having been paid to, a fund shall be deemed not to include a
        reference to an amount set aside for, or paid to, a fund established
        in Papua New Guinea where the amount was set aside or paid before
        Papua New Guinea independence day.

''(8) The establishment of an independent sovereign state in the territories
that constituted the Territory of Papua and the Territory of New Guinea shall
not be taken to affect the operation of the definition of 'public securities'
in sub-section (1) in relation to securities issued before Papua New Guinea
independence day but securities issued on or after that day shall not be taken
to be public securities by reason that they are issued by a municipal
corporation, other local governing body or public authority that was
constituted before that day by or under the law of Papua New Guinea.''.