Commonwealth Numbered Acts

INCOME TAX ACT 1973 No. 166 of 1973 - SCHEDULE 2

SCHEDULE 2
Sub-section 6 (2)

RATES OF TAX BY REFERENCE TO AN AVERAGE INCOME

In the case of a taxpayer to whose income Division 16 of Part III of the
Assessment Act applies, the rates of tax are-

   (a)  for every $1 of so much of the taxable income as does not exceed
        $16,000-

        (i)    the rate ascertained by determining the tax that would be
               payable if the rates set out in Schedule 1 were applied to a
               taxable income equal to his average income and dividing the
               resultant amount by a number equal to the number of whole
               dollars in that average income; or

        (ii)   37.729375 cents,

whichever is the less; and

   (b)  for every $1 of the remainder of the taxable income, the rate
        ascertained by deducting the amount of $6,036.70 from the tax that
        would be payable if the rates set out in Schedule 1 were applied to
        the total taxable income and dividing the resultant amount by a number
        equal to the number of whole dollars in that remainder.