Commonwealth Numbered Acts

INCOME TAX ASSESSMENT AMENDMENT ACT 1976 No. 50 of 1976 - SECT 3

3. Section 6 of the Principal Act is amended-

(a) by omitting from sub-section (1) the definition of ''Commonwealth
securities'' and substituting the following definition:-

'' 'Commonwealth securities' means bonds, debentures, stock or other
securities issued under an Act, but does not include-

   (a)  securities (not being securities to which paragraph (b) applies)
        issued in respect of a loan raised outside Australia unless there is
        in force a declaration by the Treasurer, published in the Gazette,
        that those securities shall be Commonwealth securities for the
        purposes of this Act; or

   (b)  securities issued after 12 April 1976 by a bank;'';

and

   (b)  by omitting from sub-section (1) the definition of ''public
        securities'' and substituting the following definition:-

'' 'public securities' means-

   (a)  Commonwealth securities;

   (b)  bonds, debentures, stock or other securities issued by-

        (i)    a State;

        (ii)   a Territory; or

        (iii)  a municipal corporation, other local governing body or public
               authority constituted by or under an Act or by or under a law
               of a State or Territory; and

   (c)  securities issued in respect of a loan to a company the principal
        business of which is the supply and distribution, by a system of
        reticulation, in Australia or in a Territory, of water, gas or
        electricity,

but does not include-

   (d)  securities referred to in paragraph (b) (not being securities to which
        paragraph (e) applies) issued in respect of a loan raised outside
        Australia and the Territories unless there is in force a declaration
        by the Treasurer, published in the Gazette, that those securities
        shall be public securities for the purposes of this Act; or

   (e)  securities issued after 12 April 1976 by a bank;''.