Income Tax (Bearer Debentures) Act 1971

The Income Tax (Bearer Debentures) Act 1971 is an Act that imposes income tax on interest paid or credited by companies in respect of certain debentures. The Act may be cited as the Income Tax (Bearer Debentures) Act 1971 and comes into operation on the day it receives the Royal Assent. The Assessment Act, which includes the Income Tax Assessment Act 1936-1971, is incorporated and read together with this Act.

The rate of tax imposed by this Act on an amount of interest is 45%. A temporary budget repair levy applies to amounts of interest paid or credited in a temporary budget repair levy year, increasing the rate of tax by 2 percentage points. The Assessment Act has amended sections 6, and the Income Tax (Bearer Debentures) Amendment (Temporary Budget Repair Levy) Act 2014 has amended section 7.

The endnotes provide details about the history of this legislation and its provisions. They include information on amendments affecting the law up to Act No. 43, 2014, as well as any uncommenced amendments. The notes also include information on application, saving, and transitional provisions, modifications, misdescribed amendments, and miscellaneous information that may be helpful for a reader of the compilation.