1Income Tax and Social Services Contribution (Non-resident Dividends) Act 1959

INCOME TAX AND SOCIAL SERVICES CONTRIBUTION (NON-RESIDENT DIVIDENDS).

No. 86 of 1959.

An Act to impose Income Tax and Social Services Contribution upon certain Dividends derived by Non-residents.

[Assented to 2nd December, 1959.]

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

Short title.

1. This Act may be cited as the Income Tax and Social Services Contribution (Non-resident Dividends) Act 1959.

Commencement.

2. This Act shall come into operation on the first day of July, One thousand nine hundred and sixty.

Definition.

3. In this Act, “the Assessment Act” means the Income Tax and Social Services Contribution Assessment Act 1936-1959.

Incorporation.

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

Imposition of tax and contribution.

5. The tax known as income tax and social services contribution, to the extent that that tax is payable in accordance with section one hundred and twenty-eight b of the Assessment Act, is imposed, and shall be levied and paid, upon income to which that section applies.

Rate of tax.

6. The rate of income tax and social services contribution imposed by this Act is thirty per centum.

Section 221yb of Assessment Act.

7. For the purposes of sub-section (3.) of section two hundred and twenty-one yb of the Assessment Act, this Act shall not be deemed to be the Act declaring the rates of income tax and social services contribution payable for the financial year commencing on the first day of July, One thousand nine hundred and sixty, or for any subsequent financial year.