House of Representatives
Income Tax Assessment Bill (No. 3) 1968
Income Tax Assessment Act (No. 3) 1968
Explanatory Memorandum
(Circulated by the Treasurer, the Rt. Hon. William McMahon).Introductory Note.
This Bill proposes the amendment of the Income Tax Assessment Act to discontinue the rebate of 10 cents in the dollar under section 160AB of that Act for interest paid on future issues of Commonwealth, State and semi-governmental securities, commencing from 1 November 1968. The rebate will, however, continue to be available, in accordance with the terms of the relevant prospectuses, in respect of interest from securities now on issue.