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PARLIAMENT OF AUSTRALIA

PARLIAMENTARY L IBRARY

Income Tax (Companies and Superannuation Funds) Bill 1976

Introduced by Hon. P.R. Lynch, Treasurer

House of Representatives, 1 December 1976.

Brief Digest of Bill

Purpose

To impose income tax for the 1976-77 financial year at the rates declared in the Bill, on the 1975-76 incomes of companies and the 1976-77 incomes of superannuation funds.

Related Legislation

In the past, all rates of income tax for a financial year have been declared in one measure - last year by the Income Tax Act 1975. This practice has been departed from in the current financial year. On the introduction of personal income tax indexation, rates of income tax payable for 1976-77 by individuals and trustees were declared and imposed earlier in 1976 under The Income Tax (Rates) Act 1976 and the Income Tax (Individuals) Act 1976.

Provisions

This Bill is to be read as one with the Income Tax Assessment Act 1936 (clause 4).

The rates of income tax declared by this Bill are the same as for 1975-76, and are summarised in the Explanatory Memorandum (Page 96).

FINANCE, INDUSTRIES TRADE, AND

7 December 1976. DEVELOPMENT GROUP

Income Tax (Companies and Superannuation Funds) Bill 1976 (Bills Digest 70, 1976-77) Electronic version created by the Law and Bills Digest Section, Parliamentary Library, 2007.

Warning: This Digest was prepared for debate. It reflects the legislation as introduced and does not canvass subsequent amendments. This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.