Commonwealth act

Income Tax (Drought Bonds) Act 1969

RepealedCTH

This Act has been repealed and is no longer in force. It is retained for historical reference.

Jurisdiction

Commonwealth

Act Number

100 of 1969

Collection

act

Plain English Summary

2/10 complexity

This Act ensures farmers pay income tax when they cash in their drought bonds.

What are drought bonds? They were a government savings scheme that let primary producers (farmers) set aside money during good years and claim a tax deduction for it. This helped them build financial reserves for droughts or other difficult periods.

What does this Act do? When a farmer originally bought a drought bond, they paid less income tax that year (a tax deferral). When they later redeem (cash in) the bond, this Act imposes the income tax payable on that redemption. It works together with section 159c of the Income Tax Assessment Act 1936, which calculates exactly how much tax is due.

In short: it collects the tax that was deferred when the bond was first purchased.

JSON API Tax / GST / superannuation

Deep dive

Want the full deep dive?

Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.

Current sections

Direct links to the current provisions in Income Tax (Drought Bonds) Act 1969.

Income Tax (Drought Bonds) Act 1969

meta-content-style-type: text/css meta-content-type: application/xhtml+xml; charset=utf-8 meta-generator: Aspose.Words for .NET 20.2

?xml version="1.0" encoding="utf-8" standalone="no"?>

Income Tax (Drought Bonds)

No. 100 of 1969

An Act to impose Income Tax, in relation to certain Redemptions of Drought Bonds, by reference to the Income Tax saved by reason of the Purchase thereof.

[Assented to 27 September 1969]

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 (Drought Bonds) Act 1969.

Commencement.

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

Imposition of tax.

3. The tax known as income tax, to the extent that that tax is payable in accordance with section 159c of the Income Tax Assessment Act 1936–1969, is imposed by this Act.

Source text

Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.