Commonwealth Numbered Acts

TAXATION LAWS AMENDMENT (RATES AND PROVISIONAL TAX) ACT 1990 No. 87 of 1990 - SCHEDULE 2

                       SCHEDULE 2                       Section 4

AMENDMENTS RELATING TO RATES AND REBATES - 1991-92
AND SUBSEQUENT YEARS
Income Tax Assessment Act 1936 Subsection 159P (3A):
Omit "25%", substitute "21%".
Income Tax Rates Act 1986 Subsection 20 (1):
Omit "$5,250" and "$438", substitute "$5,400" and "$450" respectively.
Subsection 20 (2):
Omit "$5,250" and "$438", substitute "$5,400" and "$450" respectively. Table
in Part I of Schedule 7:
Omit the table, substitute the following table:
Column 1                                         Column 2

Parts of taxable income                            % rate
The part of the taxable income that:
  exceeds $5,400 but does not exceed $20,700          21%

  exceeds $20,700 but does not exceed $36,000         38%

  exceeds $36,000 but does not exceed $50,000         46%

  exceeds $50,000                                     47%
Table in Part II of Schedule 7:
Omit the table, substitute the following table:
Column 1                                         Column 2

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

  exceeds $20,700 but does not exceed $36,000         38%

  exceeds $36,000 but does not exceed $50,000         46%

  exceeds $50,000                                     47%
Subparagraph 2 (b) (ii) of Division 2 of Part I of Schedule 8:
Omit "$5,250" and "$17,650" (wherever occurring), substitute "$5,400" and
"$20,700" respectively. Paragraph 2 (b) of Part I of Schedule 10:
Omit "$5,250" and "$17,650" (wherever occurring), substitute "$5,400" and
"$20,700" respectively.