INCOME TAX ASSESSMENT ACT 1936

PART I - PRELIMINARY  

SECTION 6H   RECOGNISED SMALL CREDIT UNIONS, RECOGNISED MEDIUM CREDIT UNIONS AND RECOGNISED LARGE CREDIT UNIONS  

6H(1)   Recognised small credit union in relation to a year of income.  

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

(ii) the credit union's notional taxable income of the year of income is less than $50,000.

6H(2)   Recognised medium credit union in relation to a year of income.  

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

(ii) a recognised medium credit union in relation to the year of income.

6H(4)   Designated credit union.  

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.

6H(6)   Definitions.  

In this section:

accounts
, in relation to a credit union, means accounts prepared for the purposes of reporting annually to the shareholders in the credit union.

accounting period
, in relation to a credit union, means a period at the end of which the balance of its accounts is struck.

credit union
means a credit union as defined in section 23G , except a life assurance company.


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