Commonwealth Numbered Acts

TAX LEGISLATION AMENDMENT ACT 1992 No. 197, 1992 - SECT 6

6.(1) The Principal Act is amended:

   (a)  by omitting the table in Part I of Schedule 7 and substituting the
        following table:
   "Column 1                                           Column 2

    Parts of taxable income of resident taxpayer          % rate

The part of the taxable income that:
    exceeds $5,400 but does not exceed $20,700               20%

    exceeds $20,700 but does not exceed $40,000              30%

    exceeds $40,000 but does not exceed $50,000              40%

    exceeds $50,000                                          47%


   (b)  by omitting the table in Part II of Schedule 7 and substituting the
        following table:
   "Column 1                                           Column 2

    Parts of taxable income of non-resident taxpayer      % rate

The part of the taxable income that:
    does not exceed $20,700                                  29%

    exceeds $20,700 but does not exceed $40,000              30%

    exceeds $40,000 but does not exceed $50,000              40%

    exceeds $50,000                                          47%


(2) The amendments made by subsection (1) apply to assessments in respect of
income of the 1996-97 year of income and of all subsequent years of income.