Commonwealth Consolidated Acts

INCOME TAX ASSESSMENT ACT 1936 - SECT 6H

Recognised small credit union in relation to a year of income

  (1)   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.

Recognised medium credit union in relation to a year of income

  (2)   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.

Recognised large credit union in relation to a year of income

  (3)   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.

Designated credit union

  (4)   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.

Notional taxable income

  (5)   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.

Definitions

  (6)   In this section:

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

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

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