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

33   Sums received to be taxed

Section 119 of the Principal Act is amended by adding at the end the following subsections:

(2) For the purposes of subsection (1), if a credit union (within the meaning of section 23G) receives a payment of, or in the nature of, interest, the payment is taken to be for the rendering of services.

(3) Subsection (2) does not limit the generality of subsection (1).