Income Tax Assessment Act 1936


Division 9 - Co-operative and mutual companies  


119(1)   [Co-operative company]  

The assessable income of a co-operative company shall include all sums received by it, whether from shareholders or from other persons, for the storage, marketing, packing or processing of commodities, or for the rendering of services, or in payment for commodities or animals or land sold, whether on account of the company or on account of its shareholders.

119(2)   [Credit union]  

For the purposes of subsection (1), if a credit union (within the meaning of section 23G ) receives a payment of, or in the nature of, interest, the payment is taken to be for the rendering of services.

119(3)   [Effect of subsection (2)]  

Subsection (2) does not limit the generality of subsection (1).


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