Taxation (Deficit Reduction) Act (No. 1) 1993 (57 of 1993)

Part 3   Amendment of the Income Tax Assessment Act 1936

Division 5   Amendments relating to credit unions

32   Co-operative companies

Section 117 of the Principal Act is amended by inserting after subsection (2) the following subsection:

(3) Subsection (2) does not apply to a credit union in relation to a year of income if:

(a) the credit union is a recognised medium credit union in relation to the year of income; or

(b) the credit union is a recognised large credit union in relation to the year of income.