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Short title
1 Short title
This Act may be cited as the Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988.
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Commonwealth act
The Act treats any “lost withholding tax amount” (as identified under section 128NB of the Income Tax Assessment Act 1936) as assessable income and imposes a tax on it at a fixed 75% rate. The Assessment Act’s assessment, collection and administration rules apply, the Crown is bound, and liability hinges on who section 128NB designates—so it mechanically converts a withholding shortfall into a high-rate tax obligation.
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Direct links to the current provisions in Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988.
This Act may be cited as the Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988.
This Act shall come into operation on the day on which the Taxation Laws Amendment Act 1988 receives the Royal Assent.
In this Act, “Assessment Act” means the Income Tax Assessment Act 1936.
The Assessment Act is incorporated and shall be read as one with this Act.
This Act binds the Crown in each of its capacities.
The tax known as income tax, to the extent that it is payable in accordance with section 128NB of the Assessment Act, is imposed, and shall be levied and paid, on the lost withholding tax amount referred to in that section.
The rate of tax imposed by this Act on the lost withholding tax amount is 75%.
Sourced from the Federal Register of Legislation (legislation.gov.au), CC BY 4.0.
This Act may be cited as the Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988.
This Act shall come into operation on the day on which the Taxation Laws Amendment Act 1988 receives the Royal Assent.
In this Act, “Assessment Act” means the Income Tax Assessment Act 1936.
The Assessment Act is incorporated and shall be read as one with this Act.
This Act binds the Crown in each of its capacities.
The tax known as income tax, to the extent that it is payable in accordance with section 128NB of the Assessment Act, is imposed, and shall be levied and paid, on the lost withholding tax amount referred to in that section.
The rate of tax imposed by this Act on the lost withholding tax amount is 75%.