House of Representatives
Income Tax Bill 1974
Income Tax Act 1974
Income Tax Assessment Bill (No. 2) 1974
Income Tax Assessment Act (No. 2) 1974
Income Tax (Bearer Debentures) Bill 1974
Income Tax (Bearer Debentures) Act 1974
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. Frank Crean, M.P.)Introductory Note.
The purpose of this memorandum is to explain the provisions of three income tax Bills.
The first Bill - the Income Tax Bill 1974 - will declare the rates of income tax payable by individuals and companies for the current financial year, 1974-75.
The second Bill - the Income Tax Assessment Bill (No. 2) 1974 - will amend the Income Tax Assessment Act 1936-74 (the Principal Act), mainly to give effect to proposals made as part of the 1974-75 Budget.
The third Bill - the Income Tax (Bearer Debentures) Bill 1974 - will alter the rate of tax to be payable by a company on interest on bearer debentures, where the holders of the debentures are not identified.
The main features of the Bills are: