WAR-TIME (COMPANY) TAX ASSESSMENT.

No. 21 of 1943.

An Act to amend the War-time (Company) Tax Assessment Act 1940-1942.

[Assented to 1st April, 1943.]

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 War-time (Company) Tax Assessment Act 1943.

(2.) The War-time (Company) Tax Assessment Act 1940–1942, as amended by this Act, may be cited as the War-time (Company) Tax Assessment Act 1940–1943.

Commencement.

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

Definitions.

3. Section three of the War-time (Company) Tax Assessment Act 1940–1942 is amended—

(a) by omitting from paragraph (d) of the definition of “taxable profit” the word “and” (second occurring); and

(b) by adding at the end of that definition the following word and paragraph:—

“; and (f) so much of any interest derived from any securities to which section twenty of the Commonwealth Debt Conversion Act 1931 applies or from any loan to which sub-section (2.) of section fifty-two b of the Commonwealth Inscribed Stock Act 1911–1940 applies, as is included in that taxable income;”.

4. After section eighteen of the War-time (Company) Tax Assessment Act 1940–1942, the following section is inserted in Part III.:—

Limitation of liability in certain cases.

“18a. Notwithstanding anything contained in paragraph (f) of the definition of ‘taxable profit’ in section three of this Act, or in paragraph (v) of sub-section (1.) of section twenty-four of this Act, a company shall not be liable to pay any greater amount of war-time (company) tax than the amount which it would have been liable to pay if—

(a) the interest specified in paragraph (f) of that definition were not deducted but were treated as income other than interest as specified in that paragraph; and

(b) the capital specified in paragraph (v) of sub-section (1.) of section twenty-four were not deducted in accordance with that section.”.

Ascertainment of capital.

5. Section twenty-four of the War-time (Company) Tax Assessment Act 1940–1942 is amended—

(a) by omitting from paragraph (iii) of sub-section (1.) the word “and”; and

(b) by adding at the end of that sub-section the following word and paragraph:—

“; and (v) any capital, averaged over the accounting period, invested in any securities to which section twenty of the Commonwealth Debt Conversion Act 1931 applies, or in any loan to which sub-section (2.) of section fifty-two b of the Commonwealth Inscribed Stock Act 1911–1940 applies.”.

Application of amendments.

6. The amendments effected by this Act shall apply to all assessments for the financial year which commenced on the first day of July, One thousand nine hundred and forty-two, and all subsequent years.