House of Representatives

Income Tax Assessment Amendment Bill (No. 2) 1978

Income Tax Assessment Amendment Act (No. 2) 1978

Income Tax (Non-Resident Companies) Bill 1978

Income Tax (Non-Resident Companies) Act 1978

Income Tax (Companies and Superannuation Funds) Amendment Bill 1978

Income Tax (Companies and Superannuation Funds) Amendment Act 1978

Income Tax (Rates) Amendment Bill 1978

Income Tax (Rates) Amendment Act 1978

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon. John Howard, M.P.)

INCOME TAX (NON-RESIDENTS COMPANIES) BILL 1978

This Bill declares the rate of branch profits tax.

Clauses 1 to 4

These are formal clauses usual in a measure of this kind.

Clause 5: Imposition of tax

Clause 5 formally imposes tax, at the rate set out in clause 6, in those situations where tax is payable in accordance with new section 128T of the Assessment Act proposed to be inserted by clause 28 of the Income Tax Assessment Amendment Bill (No. 2) 1978 - see notes on that clause.

Clause 6: Rate of tax

This clause fixes the rate of tax imposed by clause 5 at 5 per cent of the reduced taxable income.

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