Commonwealth: Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 (Cth)

Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 No. 12 of 1988 Compilation No. 2 Compilation date: 10 December 2015 Includes amendments up to: Act No. 145, 2015 Registered: 22 January 2016 About this compilation This compilation This is a compilation of the Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 that shows the text of the law as amended and in force on 10 December 2015 (the compilation date). This compilation was prepared on 15 January 2016. The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. Any uncommenced amendments affecting the law are accessible on ComLaw (www.comlaw.gov.au). The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. For more information on any uncommenced amendments, see the series page on ComLaw for the compiled law. Application, saving and transitional provisions for provisions and amendments If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. For more information on any modifications, see the series page on ComLaw for the compiled law. Self‑repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents 1 Short title 2 Commencement 3 Interpretation 4 Incorporation 5 Act binds the Crown 6 Imposition of tax 7 Rate of tax Endnotes Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history An Act to impose income tax in respect of certain dealings by current and former offshore banking units 1 Short title This Act may be cited as the Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988. 2 Commencement This Act shall come into operation on the day on which the Taxation Laws Amendment Act 1988 receives the Royal Assent. 3 Interpretation In this Act, "Assessment Act" means the Income Tax Assessment Act 1936. 4 Incorporation The Assessment Act is incorporated and shall be read as one with this Act. 5 Act binds the Crown This Act binds the Crown in each of its capacities. 6 Imposition of tax 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. 7 Rate of tax The rate of tax imposed by this Act on the lost withholding tax amount is 75%. Endnotes Endnote 1—About the endnotes The endnotes provide information about this compilation and the compiled law. The following endnotes are included in every compilation: Endnote 1—About the endnotes Endnote 2—Abbreviation key Endnote 3—Legislation history Endnote 4—Amendment history Endnotes about misdescribed amendments and other matters are included in a compilation only as necessary. Abbreviation key—Endnote 2 The abbreviation key sets out abbreviations that may be used in the endnotes. Legislation history and amendment history—Endnotes 3 and 4 Amending laws are annotated in the legislation history and amendment history. The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation. The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law. Misdescribed amendments A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation "(md)" added to the details of the amendment included in the amendment history. If a misdescribed amendment cannot be given effect as intended, the abbreviation "(md not incorp)" is added to the details of the amendment included in the amendment history. Endnote 2—Abbreviation key A = Act o = order(s) ad = added or inserted Ord = Ordinance am = amended orig = original amdt = amendment par = paragraph(s)/subparagraph(s) c = clause(s) /sub‑subparagraph(s) C[x] = Compilation No. x pres = present Ch = Chapter(s) prev = previous def = definition(s) (prev…) = previously Dict = Dictionary Pt = Part(s) disallowed = disallowed by Parliament r = regulation(s)/rule(s) Div = Division(s) Reg = Regulation/Regulations exp = expires/expired or ceases/ceased to have reloc = relocated effect renum = renumbered F = Federal Register of Legislative Instruments rep = repealed gaz = gazette rs = repealed and substituted LI = Legislative Instrument s = section(s)/subsection(s) LIA = Legislative Instruments Act 2003 Sch = Schedule(s) (md) = misdescribed amendment can be given Sdiv = Subdivision(s) effect SLI = Select Legislative Instrument (md not incorp) = misdescribed amendment SR = Statutory Rules cannot be given effect Sub‑Ch = Sub‑Chapter(s) mod = modified/modification SubPt = Subpart(s) No. = Number(s) underlining = whole or part not commenced or to be commenced Endnote 3—Legislation history Act Number and year Assent Commencement Application, saving and transitional provisions Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 12, 1988 26 Apr 1988 26 Apr 1988 (s 2) Taxation Laws Amendment Act (No. 2) 1999 93, 1999 16 July 1999 Sch 1 (items 38, 39(1), (9)): 16 July 1999 (s 2(1)) Sch 1 (item 39(1), (9)) Statute Law Revision Act (No. 2) 2015 145, 2015 12 Nov 2015 Sch 3 (item 22): 10 Dec 2015 (s 2(1) item 7) — Endnote 4—Amendment history Provision affected How affected s 5..................... rs No 145, 2015 s 7..................... am No 93, 1999