House of Representatives
Income Tax and Social Services Contribution Assessment Bill (No. 3) 1960
Income Tax and Social Services Contribution Assessment Act (No. 3) 1960
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Rt. Hon. Harold Holt.)General Introduction
The main purposes of this Bill are -
- 1.
- To specify limits to the deductibility in 1960-61 of interest incurred by companies in excess of the interest payable at 15th November, 1960, or the interest paid in 1959-60.
- 2.
- To discontinue the deduction for interest incurred by companies on convertible notes issued after 15th November, 1960, except where the terms of issue of the notes were announced on or before that date or the company was, on or before that date, bound by agreement to borrow the money represented by the convertible notes.
Each clause of the Bill is explained in the following notes.
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