Income Tax Assessment Act 1936
For the purposes of this Act, a credit union is a recognised small credit union in relation to a year of income if:
(a) both:
(i) the year of income is the 1994-95 year of income; and
(ii) either:
(A) the credit union is not a designated credit union; or
(B) the credit union's notional taxable income of the year of income is less than $50,000; or
(b) both:
(i) the year of income is the 1995-96 year of income or a later year of income; and
6H(2) Recognised medium credit union in relation to a year of income.
(ii) the credit union's notional taxable income of the year of income is less than $50,000.
For the purposes of this Act, a credit union is a recognised medium credit union in relation to a year of income if:
(a) the year of income is the 1994-95 year of income or a later year of income; and
(b) the credit union is not a recognised small credit union in relation to the year of income; and
(c) the credit union's notional taxable income of the year of income is less than $150,000. 6H(3) Recognised large credit union in relation to a year of income.
For the purposes of this Act, a credit union is a recognised large credit union in relation to a year of income if:
(a) the year of income is the 1994-95 year of income or a later year of income; and
(b) the credit union is neither:
(i) a recognised small credit union in relation to the year of income; nor
6H(4) Designated credit union.
(ii) a recognised medium credit union in relation to the year of income.
For the purposes of this section, a credit union is a designated credit union if:
(a) it was in existence on 1 July 1993; and
(b) assuming that its accounts for the last accounting period that ended before 1 July 1993 had been prepared in accordance with generally accepted accounting principles - the amount that would have been shown in those accounts as the gross value of its assets as at the end of that accounting period is more than $30 million. 6H(5) Notional taxable income.
For the purposes of this section, the notional taxable income of a credit union of a year of income is the amount that would be its taxable income of the year of income if:
(a) section 23G did not apply to income derived by it in the 1994-95 year of income or any later year of income; and
(b) Division 9 of Part III had not been enacted.
View history note
Hide history noteIn this section:
accounting period
, in relation to a credit union, means a period at the end of which the balance of its accounts is struck.
accounts
, in relation to a credit union, means accounts prepared for the purposes of reporting annually to the shareholders in the credit union.
credit union
means a credit union as defined in section
23G
, except a life assurance company.
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