Taxation Laws Amendment Act (No. 3) 1994 (138 of 1994)

Part 2   AMENDMENT OF THE INCOME TAX ASSESSMENT ACT 1936

Division 14   Australian branches of foreign banks

115   Application

 

(1) The repeal of section 128M of the Principal Act effected by section 113 is taken to have had effect on and after 18 June 1993.
        

      

(2) Sections 160ZZX to 160ZZZF (inclusive) and section 160ZZZI inserted in the Principal Act by this Division apply to assessments in respect of income of the first year of income commencing after 30 June 1994 and in respect of income of all later years of income.
        

      

(3) Sections 160ZZZG and 160ZZZH inserted in the Principal Act by this Division apply to assessments in respect of income of the first year of income following the year of income in which the Financial Corporations (Transfer of Assets and Liabilities) Act 1993 commenced and in respect of income of all later years of income.
        

      

(4) Section 160ZZZJ inserted in the Principal Act by this Division applies in respect of amounts of interest that are taken to be paid to a foreign bank by an Australian branch of the bank at any time after the start of the first year of income commencing after 30 June 1994.