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Wednesday, 3 June 1942

Bill returned from the Senate with amendments.

In committee(Consideration of Senate's amendments) :

New clause 18a -

Senate's amendment, No.1. - After clause 18 insert the following new clause: - " 18a. Section one hundred and three of the principal act is amended by omitting paragraph (a) of the definition of 'distributable income ' and inserting in its stead the following paragraph : -

(a)   all taxes which are paid in the year of income -

(i)   under this or the previous act;

(ii)   under any law of a State or of a Territory being part of the Commonwealth imposing a tax upon incomes, if the taxes have not been allowed or are not allowable as deductions under section seventy-two of this Act in any assessment for any financial year; or

(iii)   in any country out of Australia in respect of income of the company which is taxable under this or the previous- Act, less any refund received in the year of income of any tax to which this paragraph refers: and'".

Section proposed to be amended -103. - (l.) In this act, unless the contrary intention appears - "Distributable income" means the amount obtained by deducting from the taxable income of a company -

(a)   all taxes which, in the year of income, are paid under this or the previous act, or paid in any country out of Australia in respect of income of the com - pany which is taxable under this or the previous act less any refundreceived in the year of income of any tax to which this paragraph refers; and







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