INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988 NO. 12, 1988 

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988 NO. 12, 1988 
- TABLE OF PROVISIONS

1. Short title  
2. Commencement  
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 No.
12 of 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 No.
12 of 1988
- SECT 1
Short title

                                                     (Assented to 26 April
1988) 
  1. This Act may be cited as the Income Tax (Offshore Banking Units)
(Withholding Tax Recoupment) Act 1988.
(Minister's second reading speech made in-
    House of Representatives on 9 December 1987
    Senate on 18 February 1988)

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988 No.
12 of 1988
- SECT 2
Commencement

  2. 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 No.
12 of 1988
- SECT 3
Interpretation

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

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988 No.
12 of 1988
- SECT 4
Incorporation

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

INCOME TAX (OFFSHORE BANKING UNITS) (WITHHOLDING TAX RECOUPMENT) ACT 1988 No.
12 of 1988
- SECT 5
Act to bind Crown

  5. 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 No.
12 of 1988
- SECT 6
Imposition of tax

  6. 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 No.
12 of 1988
- SECT 7
Rate of tax

  7. The rate of tax imposed by this Act on the lost withholding tax amount is
300%.