Income Tax Assessment Act 1936

PART III - LIABILITY TO TAXATION  

Division 9 - Co-operative and mutual companies  

SECTION 119   SUMS RECEIVED TO BE TAXED  

119(1)   [Co-operative company]  

The assessable income of a co-operative company shall include all sums received by it, whether from shareholders or from other persons, for the storage, marketing, packing or processing of commodities, or for the rendering of services, or in payment for commodities or animals or land sold, whether on account of the company or on account of its shareholders.

119(2)   [Credit union]  

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.

119(3)   [Effect of subsection (2)]  

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