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Brief
The Income Tax (Fund Contributions) Act 1989 was enacted to impose income tax on a portion of the taxable income of certain funds, specifically those attributable to certain contributions.
This Act may be cited as the Income Tax (Fund Contributions) Act 1989. The Act commences on the day it receives the Royal Assent.
The Act imposes income tax in respect of the subject of taxation mentioned in section 5(4)(a) of the Income Tax Act 1986, which is not subject to taxation under that Act. The tax imposed by this Act is levied and shall be paid for each of the financial years for which the tax imposed by the Income Tax Act 1986 is levied in accordance with section 7 of that Act.
The purpose of this Act is to ensure that certain contributions to funds are subject to income tax, thereby generating revenue for the government. The Act applies to specific types of funds and contributions, and its provisions govern the imposition of income tax on those taxable amounts.
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