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).
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