Income Tax Rates Amendment (RSAs Provided by Registered Organizations) Act 1999

No. 41, 1999

An Act to amend the Income Tax Rates Act 1986

Income Tax Rates Amendment (RSAs Provided by Registered Organizations) Act 1999

No. 41, 1999

An Act to amend the Income Tax Rates Act 1986

[Assented to 9 June 1999]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Income Tax Rates Amendment (RSAs Provided by Registered Organizations) Act 1999.

2 Commencement

This Act commences on the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999.

3 Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Amendment of the Income Tax Rates Act 1986

1 Subsection 3(1)

Insert:

RSA category A component has the same meaning as in Division 8A of Part III of the Assessment Act.

2 Subsection 3(1)

Insert:

RSA category B component has the same meaning as in Division 8A of Part III of the Assessment Act.

3 Subsection 3(1)

Insert:

RSA combined component has the same meaning as in Division 8A of Part III of the Assessment Act.

4 At the end of paragraph 23(4)(a)

Add “and”.

5 After paragraph 23(4)(b)

Insert:

(ba) in respect of the RSA category A component of the RSA combined component—15%; and

(bb) in respect of the RSA category B component of the RSA combined component—36%; and

6 Subsection 23(4BA)

Omit “, other than a life assurance company”, substitute “(other than a life assurance company or a registered organization)”.