Commonwealth Numbered Acts

INCOME TAX (BEARER DEBENTURES) AMENDMENT (TEMPORARY BUDGET REPAIR LEVY) ACT 2014 (NO. 43, 2014) - SCHEDULE 1

Income Tax (Bearer Debentures) Act 1971

1  At the end of the Act

Add:

7   Temporary budget repair levy

             (1)  This section applies to amounts of interest paid or credited in a temporary budget repair levy year.

             (2)  Increase the rate of tax mentioned in section 6 by 2 percentage points.

             (3)  In this section:

"temporary budget repair levy year" has the same meaning as in section 4- 11 of the Income Tax (Transitional Provisions) Act 1997 .