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Brief
The Income Tax (Dividends, Interest and Royalties Withholding Tax) Act 1974 is an Act that imposes income tax on certain dividends, interest, and royalties derived by non-residents and by certain other persons. The Act came into operation on August 1, 1974, and has been amended several times since its enactment.
The Act incorporates the Income Tax Assessment Act 1936 and imposes tax to the extent that it is payable in accordance with section 128B of the Assessment Act. The rates of income tax imposed by this Act are:
- 30% for income to which subsection 128B(4) of the Assessment Act applies
- 10% for income to which subsection (5) of that section applies
- 30% for income to which subsection (5A) of that section applies
The Act has undergone several amendments, with the most recent amendment being made by the Tax Laws Amendment (2007 Measures No. 4) Act 2007.
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