Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988

The Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 is an Australian law that imposes income tax on certain dealings by current and former offshore banking units. The Act received Royal Assent on April 26, 1988, and commenced operation on the same day.

The legislation includes provisions related to the imposition of tax, the rate of tax, and the binding effect on the Crown. Specifically, Section 6 states that the tax known as income tax is imposed on the lost withholding tax amount referred to in section 128NB of the Income Tax Assessment Act 1936, while Section 7 sets the rate of tax at 75%.

The compiled law was amended by the Statute Law Revision Act (No. 2) 2015, which updated the commencement date for certain provisions. Additionally, amendments were made by the Taxation Laws Amendment Act (No. 2) 1999, which affected the operation of sections 5 and 7.

The compiled law includes endnotes that provide information on various aspects, including legislation history, amendment history, abbreviations, and misdescribed amendments. These notes aim to assist users in understanding the context and implications of the Act's provisions.