INCOME TAX (NO. 2).

No. 51 of 1942.

An Act to amend the Income Tax Act 1942.

[Assented to 6th October, 1942.]

BE it enacted by the King’s Most Excellent Majesty, the Senate, and the House of Representatives of the Commonwealth of Australia, as follows:—

Short title and citation.

1.—(1.) This Act may be cited as the Income Tax Act (No. 2) 1942.

(2.) The Income Tax Act 1942, as amended by this Act, may be cited as the Income Tax Acts 1942.

Commencement.

2. This Act shall come into operation on the day on which it receives the Royal Assent.

Super tax.

3. Section six of the Income Tax Act 1942 is amended by omitting paragraph (c) of the proviso and inserting in its stead the following paragraph:—

“(c) to the mutual income, as defined in sub-section (1a.) of section one hundred and sixty c of the Income Tax Assessment Act 1936-1942, of a life assurance company.”.

Amendment of Seventh Schedule.

4. The Seventh Schedule to the Income Tax Act 1942 is amended by omitting clause (1) of sub-paragraph (iii) of paragraph (a) and inserting in its stead the following clause:—

“(1) in respect of the mutual income of the company as defined in sub-section (1a.) of section one hundred and sixty c of the Income Tax Assessment Act 1936-1942—sixty pence; and”.