1Income Tax (Non-Resident Companies) Act 1978

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INCOME TAX (NON-RESIDENT COMPANIES) ACT 1978

No. 173 of 1978

An Act to impose income tax upon the reduced taxable income of non-resident companies.

BE IT ENACTED by the Queen, and the Senate and House of Representatives of the Commonwealth of Australia, as follows:

Short title

1. This Act may be cited as the Income Tax (Non-Resident Companies) Act 1978.

Commencement

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

Interpretation

3. In this Act “Assessment Act” means the Income Tax Assessment Act 1936.

Incorporation

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

Imposition of tax

5. The tax known as income tax, to the extent that that tax is payable in accordance with section 128t of the Assessment Act, is imposed by this Act.

Rate of tax

6. The rate of tax imposed by this Act is 5 per centum.

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