INCOME TAX ASSESSMENT ACT 1936 (ARCHIVE)

PART III - LIABILITY TO TAXATION  

Division 17 - Rebates  

Subdivision B - Miscellaneous  

SECTION 160ABB   REBATE IN RESPECT OF CERTAIN PAYMENTS BY THE COMMONWEALTH SAVINGS BANK OF AUSTRALIA  

160ABB(1)   [Rebate but no deduction]  

Where, pursuant to a relevant provision of a Savings Bank agreement, the Commonwealth Savings Bank of Australia pays an amount (in this subsection referred to as the ``relevant amount'' ) that relates to a particular year of income or to a part of a particular year of income, whether or not the Bank so pays the relevant amount during that year of income, then:

(a) the Bank is entitled in its assessment in respect of income of that year of income to a rebate of tax of an amount equal to the relevant amount; and

(b) notwithstanding any other provision of this Act, a deduction is not allowable to the Bank in respect of the relevant amount.

160ABB(2)   [Interpretation]  

The reference in subsection (1) to a relevant provision of a Savings Bank agreement is a reference to:

(a) clause 11 of the agreement (in this subsection referred to as the ``New South Wales agreement'' ) that was made on 1 December 1931 between the State of New South Wales, the Commissioners of the Government Savings Bank of New South Wales and the Commonwealth Savings Bank of Australia and a copy of which is set out in the First Schedule to the Commonwealth and State Banks Agreements Ratification Act, 1931 of New South Wales, being that agreement as amended or affected by -

(i) an agreement made on 26 March 1935 between the State of New South Wales, the Rural Bank of New South Wales, the Commonwealth Savings Bank of Australia and the Commonwealth Bank of Australia, a copy of which is set out in the Schedule to the Commonwealth and State Banks Agreement Ratification Act, 1935 of New South Wales;

(ii) an agreement made on 29 November 1937 between the State of New South Wales and the Commonwealth Savings Bank of Australia, a copy of which is set out in the Schedule to the Commonwealth and State Bank Agreement Ratification Act, 1937 of New South Wales; and

(iii) if the first-mentioned agreement has been or is amended or affected by any other agreement - that other agreement;

(b) clause 9 of the indenture (in this subsection referred to as the ``Queensland agreement'' ) that was made on 8 September 1966 between the Commonwealth Savings Bank of Australia and the State of Queensland and a copy of which is set out in the Schedule to The Commonwealth Savings Bank of Australia Agreement Act of 1966 of Queensland, being that indenture as amended or affected by -

(i) an agreement made on 24 April 1975 between the State of Queensland and the Commonwealth Savings Bank of Australia and approved by the Governor in Council of Queensland by Order in Council dated 24 April 1975; and

(ii) if that indenture has been or is affected by any other agreement - that other agreement; or

(c) if an agreement made in substitution for the New South Wales agreement or for the Queensland agreement contains a provision that corresponds with clause 11 of the New South Wales agreement or clause 9 of the Queensland agreement - that provision of the agreement so made in substitution, being that agreement as amended or affected from time to time by any other agreement.