1
Short title [see Note 1]
1 Short title [see Note 1]
This Act may be cited as the Income Tax (Dividends, Interest and Royalties Withholding Tax) Act 1974.
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Commonwealth act
This short Act links into the Income Tax Assessment Act 1936 and imposes an income tax on amounts covered by section 128B of the Assessment Act, with three statutory headline rates (30%, 10%, 30%) depending on which 128B sub‑paragraph applies. It commences on Royal Assent.
It matters to payees, payers and withholding agents obliged to apply section 128B’s rules: it fixes rates in primary law, creates incentives to fall into the lower‑rated subcategory, and shifts implementation and interpretive risk to the Assessment Act’s procedures.
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Direct links to the current provisions in Income Tax (Dividends, Interest and Royalties Withholding Tax) Act 1974.
This Act may be cited as the Income Tax (Dividends, Interest and Royalties Withholding Tax) Act 1974.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act, the Assessment Act means the Income Tax Assessment Act 1936.
The Assessment Act is incorporated and shall be read as one with this Act.
The tax known as income tax, to the extent that that tax is payable in accordance with section 128B of the Assessment Act, is imposed on income to which that section applies.
The rates of income tax imposed by this Act are: (a) in respect of income to which subsection 128B(4) of the Assessment Act applies—30%; and (b) in respect of income to which subsection (5) of that section applies—10%; and (c) in respect of income to which subsection (5A) of that section applies—30%.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Income Tax (Dividends, Interest and Royalties Withholding Tax) Act 1974.
This Act shall come into operation on the day on which it receives the Royal Assent.
In this Act, the Assessment Act means the Income Tax Assessment Act 1936.
The Assessment Act is incorporated and shall be read as one with this Act.
The tax known as income tax, to the extent that that tax is payable in accordance with section 128B of the Assessment Act, is imposed on income to which that section applies.
The rates of income tax imposed by this Act are: (a) in respect of income to which subsection 128B(4) of the Assessment Act applies—30%; and (b) in respect of income to which subsection (5) of that section applies—10%; and (c) in respect of income to which subsection (5A) of that section applies—30%.