PART II—AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936
Principal Act
3. The Income Tax Assessment Act 19361 is in this Part referred to as the Principal Act.
Calculation of taxable income
4. Section 50c of the Principal Act is amended by omitting from sub-paragraph (3) (d) (v) “124ad, 124adb” and substituting “122dd, 124ad, 124adb, 124add”.
Full-year deductions and partnership deductions
5. Section 50f of the Principal Act is amended—
(a) by omitting from sub-section (2) “or 122db” and substituting “, 122db or 122dd”; and
(b) by omitting from sub-section (5) “or section 122db” and substituting “, 122db or 122dd”.
Divisible deductions
6. Section 50g of the Principal Act is amended—
(a) by omitting from paragraph (1) (b) “or 122db” and substituting “, 122db or 122dd”; and
(b) by omitting from paragraph (2) (q) “or 122db” and substituting “, 122db or 122dd”.
Deduction for cost of converting oil-fired plant
7. Section 53h of the Principal Act is amended—
(a) by omitting sub-section (1) and substituting the following sub-section:
“(1) Where a taxpayer incurred conversion costs on or after 22 August 1979 and before 1 July 1984, being—
(a) conversion costs incurred on or before 30 April 1981; or
(b) conversion costs incurred after 30 April 1981 —
(i) in respect of the conversion or adaptation by the taxpayer of a unit of property where the conversion or adaptation commenced on or before 30 April 1981; or
(ii) under a contract entered into on or before 30 April 1981 in respect of the conversion or adaptation of a unit of property by a person other than the taxpayer,
the conversion costs shall, subject to this section, be an allowable deduction to the taxpayer in respect of the year of income in which the conversion costs were incurred.
“(1a) Subject to this section, where a taxpayer incurred conversion costs after 30 April 1981 and before 1 July 1984, not being conversion costs to which sub-section (1) applies, 50% of the amount of those conversion costs shall be an allowable deduction to the taxpayer in
respect of the year of income in which the conversion costs were incurred and 50% of those conversion costs shall be an allowable deduction to the taxpayer in respect of the next succeeding year of income.”;
(b) by omitting sub-section (13) and substituting the following sub-section:
“(13) For the purposes of sub-sections (6), (8), (10), (12), (22d) and (22e), if a taxpayer who, or a partnership which, took property on hire under a hire-purchase agreement does or omits to do any act or thing that results in the person (in this sub-section referred to as the ‘owner’) from whom the taxpayer or partnership took the property on hire under that agreement obtaining possession of the property—
(a) the taxpayer or the partnership, as the case may be, shall be deemed to have disposed of the property; and
(b) the disposal shall be deemed to have taken place at the time when possession of the property was so obtained by the owner.”;
(c) by inserting after sub-section (22) the following sub-sections:
“(22a) Where, but for this sub-section, a partnership would be taken to have incurred conversion costs to which sub-section (1a) applies in respect of a unit of property, not being a unit of property that the partnership has leased to another person, the following provisions have effect:
(a) in calculating the net income of the partnership, or the partnership loss, in accordance with section 90, regard shall not be had to the provisions of this section in so far as those provisions would, but for this sub-section, apply in respect of those conversion costs;
(b) for the purposes of the application of this section in respect of a partner in the partnership, the partner shall be deemed to have incurred—
(i) so much of the amount of those conversion costs as the partners have agreed is to be borne by that partner; or
(ii) if the partners have not agreed as to the part of the amount of the conversion costs that is to be borne by the partner—so much of that amount as bears to that amount the same proportion as the individual interest of the partner in the net income of the partnership of the year of income in which the conversion costs were incurred bears to that net income or, as the case requires, as the individual interest of the partner in the partnership loss for that year of income bears to that partnership loss.
“(22b) Where—
(a) by reason that, but for sub-section (22a), a partnership would be taken to have incurred conversion costs, a deduction has
been allowed, or would but for this sub-section be allowable, to a taxpayer being a partner in the partnership; and
(b) before the expiration of 12 months after the converted property was first used, or installed ready for use, by the partnership, the taxpayer disposed of the whole or a part of his interest in the partnership or in the property,
the following provisions have effect:
(c) where the taxpayer disposed of the whole of his interest in the partnership or in the property—the deduction shall be deemed not to have been, or not to be, allowable, as the case may be;
(d) in any other case—so much of the deduction as the Commissioner considers appropriate shall be deemed not to have been, or not to be, allowable, as the case may be.
“(22c) Where—
(a) by reason that, but for sub-section (22a), a partnership would be taken to have incurred conversion costs, a deduction has been allowed, or would but for this sub-section be allowable, to a taxpayer being a partner in the partnership;
(b) after the expiration of 12 months after the converted property was first used, or installed ready for use, by the partnership, the taxpayer disposed of the whole or a part of his interest in the partnership or in the property; and
(c) the Commissioner is satisfied that, at the time when the converted property was first used, or installed ready for use, by the partnership, the taxpayer intended to dispose of the whole or a part of his interest in the partnership or in the property after becoming entitled to a deduction under this section in relation to the conversion costs,
then, if the Commissioner so determines—
(d) where the taxpayer disposed of the whole of his interest in the partnership or in the property—the deduction shall be deemed not to have been, or not to be, allowable, as the case may be; or
(e) in any other case—so much of the deduction as the Commissioner considers appropriate shall be deemed not to have been, or not to be, allowable, as the case may be.
“(22d) Where—
(a) by reason “that, but for sub-section (22a), a partnership would be taken to have incurred conversion costs, a deduction has been allowed, or would but for this sub-section be allowable, to a taxpayer being a partner in the partnership;
(b) before the expiration of 12 months after the converted property was first used, or installed ready for use, by the partnership—
(i) the partnership disposed of the property or the property was lost or destroyed;
(ii) the partnership leased the property, let the property on hire under a hire-purchase agreement or otherwise granted a right to another person to use the property; or
(iii) the partnership used the property outside Australia or for a purpose other than the purpose of producing assessable income,
the deduction shall be deemed not to have been, or not to be, allowable, as the case may be.
“(22e) Where—
(a) by reason that, but for sub-section (22a), a partnership would be taken to have incurred conversion costs, a deduction has been allowed, or would but for this sub-section be allowable, to a taxpayer being a partner in the partnership;
(b) after the expiration of 12 months after the converted property was first used, or installed ready for use, by the partnership—
(i) the partnership disposed of the property;
(ii) the partnership leased the property, let the property on hire under a hire-purchase agreement or otherwise granted a right to another person to use the property; or
(iii) the partnership used the property outside Australia or for a purpose other than the purpose of producing assessable income; and
(c) the Commissioner is satisfied that, at the time when the converted property was first used, or installed ready for use, by the partnership, the taxpayer intended that the partnership would dispose of the property, lease the property, let the property on hire under a hire-purchase agreement or otherwise grant a right to another person to use the property, or would use the property as mentioned in sub-paragraph (b) (iii), after the taxpayer became entitled to a deduction under this section in relation to the conversion costs,
the deduction shall, if the Commissioner so determines, be deemed not to have been, or not to be, allowable, as the case may be.”; and
(d) by omitting sub-section (36) and substituting the following sub-section—
“(36) For the purposes of the application of this section in relation to conversion costs incurred in respect of a unit of property by a taxpayer, a reference in this section to the converted property being first used or installed ready for use by the taxpayer, by a partnership in which the taxpayer is a partner or by another person shall be read as a reference to the property being first used or installed ready for use by the taxpayer, the partnership or that other person, as the case may be, after the completion of the conversion or adaptation in respect of which the conversion costs were incurred.”.
Special depreciation on plant
8. Section 57ag of the Principal Act is amended by omitting sub-section (3) and substituting the following sub-section:
“(3) Notwithstanding anything contained in sub-section 55 (1) or 56 (1), or section 56a or 57, but subject to sub-sections 56 (1a), (1b), (1c), (2), (3) and (4), the depreciation that is an allowable deduction to a taxpayer under section 54 in respect of property to which this section applies shall be the amount that would be that amount of depreciation if the annual depreciation per centum fixed under sub-section 55 (1) in respect of that property had been increased by—
(a) where the property—
(i) was acquired by the taxpayer under a contract entered into on or before 30 April 1981; or
(ii) was constructed by the taxpayer and commenced to be constructed on or before 30 April 1981,
20% of the percentage actually fixed; or
(b) in any other case— 18% of the percentage actually fixed.”.
Deduction in respect of new plant installed on or after 1 January 1976
9. Section 82ab of the Principal Act is amended by adding at the end thereof the following sub-section:
“(9) Notwithstanding the preceding provisions of this section, the relevant amount in respect of eligible expenditure incurred by a taxpayer after 30 April 1981 in respect of a unit of property that—
(a) was acquired by the taxpayer under a contract entered into after 30 April 1981; or
(b) was constructed by the taxpayer and commenced to be constructed after 30 April 1981,
is 90% of the amount that, but for this sub-section, would be the relevant amount in respect of that eligible expenditure.”.
Deduction of residual previous capital expenditure
10. Section 122d of the Principal Act is amended by inserting in sub-section (3) “, 122dd” after “122db”.
11. Section 122da of the Principal Act is repealed and the following section is substituted:
Residual capital expenditure
“122da. (1) For the purposes of this Division, but subject to sub-section (2), the residual capital expenditure of a taxpayer as at the end of a year of income (in this section referred to as the ‘relevant year of income’) shall be ascertained by deducting from the amount of allowable capital expenditure incurred by the taxpayer after 17 August 1976 and before the end of the relevant year of income being—
(a) expenditure incurred on or before 30 April 1981; or
(b) expenditure incurred after 30 April 1981 —
(i) under a contract entered into on or before 30 April 1981; or
(ii) in respect of the construction of property by the taxpayer where that construction commenced on or before 30 April 1981,
the sum of—
(c) any part of that allowable capital expenditure that—
(i) has been allowed or is allowable as a deduction under section 122db from the assessable income of a year of income preceding the relevant year of income; or
(ii) was incurred on property (not being property in respect of which a notice has been duly given to the Commissioner under section 122b by the taxpayer and a person who acquired the property from the taxpayer)—
(a) that has been disposed of, lost or destroyed; or
(b) the use of which by the taxpayer for prescribed purposes has been otherwise terminated,
and has not been allowed and is not allowable as a deduction from the assessable income of any year of income that ended before the year of income in which the disposal, loss, destruction or termination of use took place; and
(d) so much of any amounts specified in notices duly given to the Commissioner under section 122b in relation to the acquisition from the taxpayer, during the relevant year of income or a preceding year of income, of a mining or prospecting right or mining or prospecting information as is attributable to expenditure that would, but for this paragraph, be included in the residual capital expenditure of the taxpayer as at the end of the relevant year of income.
“(2) Where property referred to in sub-sub-paragraph (1) (c) (ii) (b) has, on or before 30 April 1981, come into use for purposes for which allowable capital expenditure may be incurred, so much of the capital expenditure incurred by the taxpayer on that property after 17 August 1976 and before the termination of use as the Commissioner determines shall, for the purposes of this section, be deemed to have been incurred, on the day on which the property so came into use, for the purposes for which the property so came into use.”.
Deduction of residual capital expenditure
12. Section 122db of the Principal Act is amended by omitting from sub-section (3) “section 122j” and substituting “section 122dd or 122j”.
13. After section 122db of the Principal Act the following sections are inserted:
Residual (post 30 April 1981) capital expenditure
“122dc. (1) For the purposes of this Division, but subject to sub-section (2), the residual (post 30 April 1981) capital expenditure of a taxpayer as at the end of a year of income (in this section referred to as the relevant year of income’) shall be ascertained by deducting from the amount of allowable capital expenditure incurred by the taxpayer after 30 April 1981 and before the end of the year of income, not being expenditure incurred—
(a) under a contract entered into on or before 30 April 1981; or
(b) in respect of the construction of property by the taxpayer where that construction commenced on or before 30 April 1981,
the sum of—
(c) any part of that allowable capital expenditure that—
(i) has been allowed or is allowable as a deduction under section 122dd from the assessable income of a year of income preceding the relevant year of income; or
(ii) was incurred on property (not being property in respect of which a notice has been duly given to the Commissioner under section 122b by the taxpayer and a person who acquired the property from the taxpayer) —
(A) that has been disposed of, lost or destroyed; or
(B) the use of which by the taxpayer for prescribed purposes has been otherwise terminated,
and has not been allowed and is not allowable as a deduction from the assessable income of any year of income that ended before the year of income in which the disposal, loss, destruction or termination of use took place; and
(d) so much of any amounts specified in notices duly given to the Commissioner under section 122b in relation to the acquisition from the taxpayer, during the relevant year of income or a preceding year of income, of a mining or prospecting right or mining or prospecting information as is attributable to expenditure that would, but for this paragraph, be included in the residual (post 30 April 1981) capital expenditure of the taxpayer as at the end of the relevant year of income.
“(2) Where property referred to in sub-sub-paragraph (1) (c) (ii) (B) has, after 30 April 1981, come into use for purposes for which allowable capital expenditure may be incurred, so much of the capital expenditure incurred by the taxpayer on that property after 17 August 1976 and before the termination of use as the Commissioner determines shall, for the purposes of this section, be deemed to have been incurred, on the day on which the property so came into use, for the purposes for which the property so came into use.
Deduction of residual (post 30 April 1981) capital expenditure
“122dd. (1) Where, as at the end of the year of income, there is, in relation to a taxpayer, an amount of residual (post 30 April 1981) capital
expenditure, an amount ascertained in accordance with this section is an allowable deduction.
“(2) Subject to sub-section (3), the deduction allowable is the amount ascertained by dividing the amount of residual (post 30 April 1981) capital expenditure referred to in sub-section (1) by—
(a) a number equal to the number of whole years in the estimated life of the mine or proposed mine on the mining property, or, if there is more than one such mine, of the mine that has the longer or longest estimated life, as at the end of the year of income; or
(b) 6,
whichever number is the less.
“(3) Unless the taxpayer makes an election under sub-section (4) in relation to the year of income, the amount, or the total of the amounts, of the deduction or deductions allowable under this section shall not exceed an amount equal to so much of the assessable income of the year of income as remains after deducting all allowable deductions, other than deductions allowable under this section or under section 122j, and, where the total of the amounts of 2 or more deductions that would be allowable under this section but for this sub-section exceeds the maximum amount determined in accordance with this sub-section, those deductions shall be reduced respectively by amounts proportionate to those deductions and equal in total to the excess.
“(4) A taxpayer may elect, in relation to a year of income specified in the election, that sub-section (3) shall not apply in respect of the taxpayer.
“(5) Where, having regard to the information in his possession, the Commissioner is not satisfied that the estimated life of a mine or a proposed mine as made by the taxpayer is a reasonable estimate, the estimated life shall, for the purposes of sub-section (2), be taken to be such period as the Commissioner considers reasonable.”.
Elections
14. Section 122m of the Principal Act is amended by inserting in sub-paragraph (b) (iii) “, 122dd” after “122db”.
Deductions not allowable under other provisions
15. Section 122n of the Principal Act is amended by inserting in sub-section (3) “, 122dd (3)” after “122db (3)”.
Deduction of residual previous capital expenditure
16. Section 124ad of the Principal Act is amended—
(a) by inserting in sub-section (3) “, section 124add” after “section 124adb; and
(b) by inserting in sub-section (4) “, section 124add” after “section 124adb” (wherever occurring).
Residual capital expenditure
17. Section 124ada of the Principal Act is amended—
(a) by omitting paragraphs (1) (a) and (b) and substituting the following paragraphs:
“(a) the amount of allowable capital expenditure (other than allowable capital expenditure to which paragraph (b) applies) incurred by the taxpayer after 17 August 1976 and before the end of the relevant year of income, being—
(i) expenditure incurred on or before 30 April 1981; or
(ii) expenditure incurred after 30 April 1981 —
(A) under a contract entered into on or before 30 April 1981; or
(B) in respect of the construction of property by the taxpayer where that construction commenced on or before 30 April 1981; and
“(b) any amount of allowable capital expenditure that is deemed by sub-section (2) to have been incurred by the taxpayer on or before 30 April 1981,”;
(b) by omitting sub-section (2) and substituting the following sub-section: “(2) Where—
(a) after 17 August 1976—
(i) the taxpayer has incurred allowable capital expenditure on property the use of which by the taxpayer for the purposes of carrying on prescribed petroleum operations has, before the relevant year of income, been terminated; or
(ii) the taxpayer has, otherwise than in carrying on prescribed petroleum operations, incurred expenditure of a capital nature on property, being expenditure that would have been allowable capital expenditure if it had been incurred in carrying on such operations,
being—
(iii) expenditure incurred on or before 30 April 1981; or
(iv) expenditure incurred after 30 April 1981 —
(A) under a contract entered into on or before 30 April 1981; or
(B) in respect of the construction of property by the taxpayer where that construction commenced on or before 30 April 1981; and
(b) the property has, on or before 30 April 1981, come into use by the taxpayer for purposes for which allowable capital expenditure may be incurred,
so much of that expenditure as the Commissioner determines shall be deemed to have been incurred by the taxpayer in respect of that
property, on the day on which the property so came into use by the taxpayer, for the purposes for which the property so came into use.”.
Deduction of residual capital expenditure
18. Section 124adb of the Principal Act is amended by omitting from sub-section (3) “section 124ah” and substituting “sections 124add and 124ah”.
19. After section 124adb of the Principal Act the following sections are inserted:
Residual (post 30 April 1981) capital expenditure
“124adc. (1) For the purposes of this Division, but subject to the succeeding provisions of this section, the residual (post 30 April 1981) capital expenditure of a taxpayer as at the end of a year of income (in this section referred to as the ‘relevant year of income’) shall be ascertained by deducting from the sum of—
(a) the amount of allowable capital expenditure (other than allowable capital expenditure to which paragraph (b) applies) incurred by the taxpayer after 30 April 1981 and before the end of the relevant year of income, not being expenditure that was incurred—
(i) under a contract entered into on or before 30 April 1981; or
(ii) in respect of the construction of property by the taxpayer where that construction commenced on or before 30 April 1981; and
(b) any amount of allowable capital expenditure that is deemed by sub-section (2) to have been incurred by the taxpayer after 30 April 1981,
the following amounts:
(c) any part of the expenditure included in that sum that—
(i) has been allowed or is allowable as a deduction under section 124add from the assessable income of a year of income preceding the relevant year of income; or
(ii) was incurred on property (not being property in respect of which a notice has been duly given to the Commissioner under section 124ab by the taxpayer and a person who acquired the last-mentioned property from the taxpayer) that has been disposed of, lost or destroyed or the use of which by the taxpayer for the purposes of carrying on prescribed petroleum operations has been otherwise terminated, and has not been allowed and is not allowable as a deduction from the assessable income of any year of income that ended before the year of income in which the disposal, loss, destruction or termination of use took place; and
(d) the sum of so much of any amounts specified in notices duly given to the Commissioner under section 124ab in relation to the acquisition
from the taxpayer, during the relevant year of income or a preceding year of income, of a petroleum prospecting or mining right or petroleum prospecting or mining information as is attributable to expenditure that would, but for this paragraph, be included in the residual (post 30 April 1981) capital expenditure of the taxpayer as at the end of the relevant year of income.
“(2) Where—
(a) after 17 August 1976—
(i) the taxpayer has incurred allowable capital expenditure on property the use of which by the taxpayer for the purposes of carrying on prescribed petroleum operations has, before the relevant year of income, been terminated; or
(ii) the taxpayer has, otherwise than in carrying on prescribed petroleum operations, incurred expenditure of a capital nature on property, being expenditure that would have been allowable capital expenditure if it had been incurred in carrying on such operations; and
(b) the property has, after 30 April 1981, come into use by the taxpayer for purposes for which allowable capital expenditure may be incurred,
so much of that expenditure as the Commissioner determines shall be deemed to have been incurred by the taxpayer in respect of that property, on the day on which the property so came into use by the taxpayer, for the purposes for which the property so came into use.
“(3) Nothing contained in section 122n prejudices the operation of sub-section (2).
Deduction of residual (post 30 April 1981) capital expenditure
“124add. (1) Where, as at the end of the year of income, there is, in relation to a taxpayer, an amount of residual (post 30 April 1981) capital expenditure, an amount ascertained in accordance with this section is an allowable deduction.
“(2) Subject to sub-section (3), the deduction allowable is the amount ascertained by dividing the amount of residual (post 30 April 1981) capital expenditure referred to in sub-section (1) by a number equal to the number of whole years in the estimated life of the petroleum field or proposed petroleum field as at the end of the year of income or by 6, whichever number is the less.
“(3) The amount of the deduction, or the total of the amounts of the deductions, allowable under this section shall not exceed an amount equal to so much of the assessable income of the taxpayer of the year of income as remains after deducting from that assessable income all deductions allowable otherwise than under this section and section 124ah in respect of that assessable income and, where the total of the amounts of 2 or more deductions that would be allowable under this section but for this sub-section exceeds the maximum amount determined in accordance with this sub-section, those deductions shall
be reduced respectively by amounts proportionate to those deductions and equal in total to the excess.
“(4) Where, having regard to the information in his possession, the Commissioner is not satisfied that the estimated life of a petroleum field or proposed petroleum field as made by the taxpayer is a reasonable estimate, the estimated life shall, for the purposes of sub-section (2), be taken to be such period as the Commissioner considers reasonable.”.
Deduction of unrecouped previous capital expenditure
20. Section 124af of the Principal Act is amended—
(a) by inserting in sub-section (1) “, 124add” after “ 124adb”; and
(b) by inserting in sub-section (2) “, 124add” after “124adb” (wherever occurring).
Exploration and prospecting expenditure
21. Section 124ah of the Principal Act is amended by inserting in sub-section (3) “, 124add” after “124adb”.
Double deductions
22. Section 124an of the Principal Act is amended by inserting in sub-section (3) “, 124add (3)” After “124adb (3)”.
Reduction of allowable deductions where certain declarations lodged
23. Section 124ar of the Principal Act is amended—
(a) by inserting “, 124add” after “124adb” in the definition of “eligible petroleum deduction” in sub-section (1);
(b) by inserting “, 124add” after “124adb” in the definition of “prescribed deduction” in sub-section (1); and
(c) by inserting “, 124add” after “124adb” in the definition of “prescribed petroleum deduction” in sub-section (1).
Rebates for dependants
24. (1) Section 159j of the Principal Act is amended—
(a) by omitting from column 3 of the table in sub-section (2) “$800” (wherever occurring) and substituting “$830”;
(b) by omitting from column 3 of the table in sub-section (2) “$362” (wherever occurring) and substituting “$376”;
(c) by omitting from column 3 of the table in sub-section (2) “$272” and substituting “$282”;
(d) by omitting from column 3 of the table in sub-section (2) “$722” and substituting “$749”; and
(e) by omitting from sub-section (4) “$272” and substituting “$282”.
(2) The amendments made by sub-section (1) apply to assessments in respect of income of the year of income commencing on 1 July 1981 and in respect of income of all subsequent years of income.
Sole parent rebate
25. (1) Section 159k of the Principal Act is amended by omitting “$559” (wherever occurring) and substituting “$580”.
(2) The amendment made by sub-section (1) applies to assessments in respect of income of the year of income commencing on 1 July 1981 and in respect of income of all subsequent years of income.
Housekeeper
26. (1) Section 159l of the Principal Act is amended by omitting “$800” (wherever occurring) and substituting “$830”.
(2) The amendment made by sub-section (1) applies to assessments in respect of income of the year of income commencing on 1 July 1981 and in respect of income of all subsequent years of income.
27. After section 159x of the Principal Act the following section is inserted:
Premiums paid for basic health insurance
“ 159xa. (1) Subject to this section, a taxpayer is entitled to a rebate of tax in his assessment in respect of income of the year of income of an amount equal to 32% of any amount paid by the taxpayer in the year of income to a registered organization for the purpose of securing, for the personal benefit of the taxpayer, of his spouse or of a child of the taxpayer or his spouse an entitlement to basic hospital benefits or basic medical benefits.
“(2) A rebate is not allowable under this section in respect of—
(a) an amount paid by a taxpayer before 1 July 1981; or
(b) an amount paid by a taxpayer on or after 1 July 1981 to the extent that the amount was paid for the purpose of—
(i) securing an entitlement to basic hospital benefits or basic medical benefits in respect of any period before 1 July 1981; or
(ii) securing an entitlement to benefits other than, or in addition to, basic hospital benefits or basic medical benefits.
“(3) In this section—
‘basic hospital benefits’ means benefits of a kind to which the definition of ‘basic hospital benefits table’ or ‘basic table’ in sub-section 4 (1) of the National Health Act 1953 applies;
‘basic medical benefits’ means benefits of a kind to which the definition of ‘basic medical benefits table’ or ‘basic table’ in sub-section 4 (1) of the National Health Act 1953 applies;
‘registered organization’ means an organization that is registered under Part VI of the National Health Act 1953.”.
Indexation
28. (1) Section 159z of the Principal Act is repealed.
(2) The amendment made by sub-section (1) applies to assessments in respect of income of the year of income commencing on 1 July 1981 and in respect of income of all subsequent years of income.
Rebate in respect of payments received in lieu of annual leave or long service leave
29. (1) Section 160aa of the Principal Act is amended—
(a) by omitting from sub-section (1) “$16,608” and substituting “$17,894”;
(b) by omitting “$3,893” (wherever occurring) from the definition of “relevant income amount” in sub-section (2) and substituting “$4,195”; and
(c) by omitting sub-sections (3), (3a), (3b), (4) and (5).
(2) The amendments made by paragraphs (1) (a) and (b) apply to assessments in respect of income of the year of income commencing on 1 July 1981 and in respect of income of all subsequent years of income.
(3) The amendment made by paragraph (1) (c) applies to assessments in respect of income of the year of income that commenced on 1 July 1980 and in respect of income of all subsequent years of income.
(4) In the application of section 160aa of the Income Tax Assessment Act 1936 to assessments in respect of income of the year of income that commenced on 1 July 1980—
(a) the reference in paragraph (1) (b) of that section to $16,608 shall be read as a reference to $17,239; and
(b) the references in sub-section (2) of that section to $3,893 shall be read as references to $4,041.
Rebate for moneys paid on shares for the purpose of petroleum exploration, prospecting or mining
30. Section 160aca of the Principal Act is amended—
(a) by omitting sub-section (5a) and substituting the following sub-section:
“(5a) Subject to this section and to section 160acb, a taxpayer is entitled, in his assessment in respect of income of a year of income, to—
(a) a rebate of tax equal to 30% of so much of the moneys paid on shares by the taxpayer during that year of income to an eligible petroleum company as are specified in a declaration duly lodged by the company under sub-section (3a), being moneys paid to the company—
(i) on or before 30 April 1981; or
(ii) after 30 April 1981 in respect of calls made on or before that date in respect of shares of which the taxpayer became the owner or beneficial owner on or before that date; and
(b) a rebate of tax equal to 27% of so much of the moneys paid on shares by the taxpayer during that year of income to an eligible petroleum company as are specified in a declaration duly lodged by the company under sub-section (3a), being moneys paid to the company after 30 April 1981 but not being moneys paid in respect of calls made on or before that date in respect of shares of which the taxpayer became the owner or beneficial owner on or before that date.”; and
(b) by omitting sub-section (15a) and substituting the following sub-section:
“(15a) Subject to this section and to section 160acb, a taxpayer is entitled, in his assessment in respect of income of a year of income, to—
(a) a rebate of tax equal to 30% of so much of the moneys paid on shares by the taxpayer during that year of income to a company as are specified in a declaration duly lodged by the company under sub-section (7a), being moneys paid to the company—
(i) on or before 30 April 1981; or
(ii) after 30 April 1981 in respect of calls made on or before that date in respect of shares of which the taxpayer became the owner or beneficial owner on or before that date; and
(b) a rebate of tax equal to 27% of so much of the moneys paid on shares by the taxpayer during that year of income to a company as are specified in a declaration duly lodged by the company under sub-section (7a), being moneys paid to the company after 30 April 1981 but not being moneys paid in respect of calls made on or before that date in respect of shares of which the taxpayer became the owner or beneficial owner on or before that date.”.
PART III—AMENDMENTS OF THE INCOME TAX (RATES) ACT 1976
Principal Act
31. The Income Tax (Rates) Act 19762 is in this Part referred to as the Principal Act.
Heading to Part IVB
32. The heading to Part IVB of the Principal Act is omitted and the following heading substituted:
“PART IVb—FINANCIAL YEAR COMMENCING ON 1 JULY 1980”.
Application of Part IVB
33. Section 6k of the Principal Act is amended by omitting “and for all subsequent financial years”.
34. After Part IVB of the Principal Act the following Part is inserted:
“PART IVC—FINANCIAL YEAR COMMENCING ON 1 JULY 1981 AND SUBSEQUENT FINANCIAL YEARS
Application of Part IVC
“6n. The rates of tax declared by this Part, and the notional rates declared by this Part for the purposes of section 156 of the Assessment Act, apply for the financial year commencing on 1 July 1981 and for all subsequent financial years.
Rates of tax and notional rates
“6p. (1) Except as otherwise provided by this Part, the rates of tax are as set out in Schedule 23.
“(2) The notional rates for the purposes of section 156 of the Assessment Act are as set out in Schedule 24.
“(3) Subject to section 6q, the rate of tax in respect of a taxable income in any case where section 59ab, 86 or 158d of the Assessment Act applies is as set out in Schedule 25.
“(4) Subject to section 6q, the rates of tax payable by a trustee in pursuance of section 98 or 99 of the Assessment Act are as set out in Schedule 26.
“(5) The rate of further tax payable by a person in pursuance of sub-section 94 (9) of the Assessment Act is—
(a) in respect of the part of the taxable income of the person that is the relevant part of that taxable income for the purposes of sub-sections 94 (10a) and (10b) of the Assessment Act—the amount (if any) per dollar ascertained in accordance with the formula 
where—
a is an amount equal to one-half of the taxable income of the person;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the person is entitled, would be payable by the person in respect of his taxable income; and
c is the number of whole dollars in the taxable income of the person; and
(b) in respect of the part of the taxable income of the person that is the prescribed part of that taxable income for the purposes of sub-section
94 (10b) of the Assessment Act—the amount (if any) per dollar ascertained in accordance with the formula where—
a is an amount equal to one-half of the taxable income of the person;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the person is entitled, would be payable by the person in respect of his taxable income if the notional rates declared by this Part for the purposes of section 156 of the Assessment Act were the rates of tax payable by that person on his taxable income; and
c is the number of whole dollars in the taxable income of the person.
“(6) The rate of further tax payable by a trustee in pursuance of sub-section 94 (11) or (12) of the Assessment Act is—
(a) in respect of the part of the net income of the trust estate that is the relevant part of that net income for the purposes of sub-sections 94 (12a) and (12b) of the Assessment Act—the amount (if any) per dollar ascertained in accordance with the formula where—
a is an amount equal to one-half of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the trustee is entitled, would be payable by the trustee in respect of that net income; and
c is the number of whole dollars in that net income; and
(b) in respect of the part of the net income of the trust estate that is the prescribed part of that net income for the purposes of sub-section 94 (12b) of the Assessment Act—the amount (if any) per dollar ascertained in accordance with the formula where—
a is an amount equal to one-half of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the trustee is entitled, would be payable by the trustee in respect of that net income if the notional rates declared by this Part for the purposes of section 156 of the Assessment Act were the rates of tax payable by the trustee in respect of that net income; and
c is the number of whole dollars in that net income.
“(7) The rate of tax payable by a trustee in respect of the net income of the trust estate in respect of which the trustee is liable, in pursuance of section 99a of the Assessment Act, to be assessed and to pay tax is 60%.
Rates of tax where Division 6aa of Part III of the Assessment Act applies
“6q. (1) The rates of tax in respect of the taxable income of a person—
(a) who is a prescribed person in relation to the year of income for the purposes of Division 6aa of Part III of the Assessment Act; and
(b) who has, for the purposes of that Division, an eligible taxable income of an amount exceeding S1,040,
are as set out in Schedule 27.
“(2) Where the eligible taxable income of a taxpayer for the purposes of Division 6aa of Part III of the Assessment Act exceeds $1,040 but does not exceed $3,432, the amount of tax payable under sub-section (1) in respect of that eligible taxable income shall not exceed—
(a) 66% of the amount by which that eligible taxable income exceeds $1,040; or
(b) the amount ascertained by deducting from the amount of the tax that would be payable by the taxpayer if the rates set out in Schedule 23 or 25, as the case requires, were applied to the taxable income of the taxpayer the amount of tax that would be payable by the taxpayer if those rates were applied to the taxable income of the taxpayer reduced by the amount of that eligible taxable income,
whichever is the greater.
“(3) Where—
(a) a trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a beneficiary of the net income of the trust estate;
(b) Division 6aa of Part III of the Assessment Act applies to a part of that share; and
(c) the part of that share to which that Division applies exceeds $1,040,
the rates of tax payable by the trustee in respect of that share of the net income of the trust estate are as set out in Schedule 28.
“(4) Where—
(a) a trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a beneficiary of the net income of the trust estate:
(b) Division 6aa of Part III of the Assessment Act applies to a part of that share;
(c) the part of that share to which that Division applies does not exceed $1,040;
(d) Division 6aa of Part III of the Assessment Act also applies to a part of the share of the beneficiary of the net income of another trust estate or to parts of the shares of the beneficiary of the net incomes of other trust estates; and
(e) the sum of the part referred to in paragraph (b) and the part or parts referred to in paragraph (d) exceeds $1,040,
the trustee of the trust estate referred to in paragraph (a) is liable to pay tax in respect of the share of the net income of the trust estate referred to in that paragraph at the rates set out in Schedule 28.
“(5) Where—
(a) the amount of tax that a trustee of a trust estate is liable to pay in respect of the share of a beneficiary of the net income of the trust estate is, by virtue of sub-section (4), to be calculated in accordance with Schedule 28; and
(b) the sum of—
(i) the part of that share to which Division 6aa of Part III of the the Assessment Act applies; and
(ii) the part of the share of the beneficiary of the net income of the other trust estate or the parts of the shares of the beneficiary of the net incomes of the other trust estates, as the case may be, to which that Division applies,
does not exceed $3,432,
the tax that, apart from this sub-section, would be payable by the trustee in respect of the share referred to in paragraph (a) shall be reduced by such amount (if any) as, in the opinion of the Commissioner, is fair and reasonable.
“(6) Subject to sub-section (7), where—
(a) the trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a beneficiary of the net income of the trust estate;
(b) Division 6aa of Part III of the Assessment Act applies to a part (in this sub-section referred to as the ‘eligible part’) of that share; and
(c) the eligible part of that share exceeds $1,040 but does not exceed $3,432, the amount of tax payable under sub-section (3) in respect of the eligible part of that share shall not exceed—
(d) 66% of the amount by which the eligible part of that share exceeds $1,040; or
(e) the amount ascertained by deducting from the amount of tax that would be payable by the trustee if the rates referred to in Schedule 26 were applied to that share of that net income the amount of tax that would be payable by the trustee if those rates were applied to that share of that net income reduced by the amount of the eligible part of that share,
whichever is the greater.
“(7) Sub-section (6) does not apply in relation to the share of a beneficiary of the net income of a trust estate if Division 6aa of Part III of the Assessment Act applies to a part of a share of the beneficiary of the net income of another trust estate or to parts of the shares of the beneficiary of the net incomes of other trust estates.
“(8) Where—
(a) by reason of the application of sub-section (7), sub-section (6) does not apply in relation to the share of a beneficiary of the net income of a trust estate in respect of which a trustee is liable to be assessed and to pay tax in pursuance of section 98 of the Assessment Act; and
(b) the sum of—
(i) the part of that share to which Division 6aa of Part III of the Assessment Act applies; and
(ii) the part of the share of the beneficiary of the net income of the other trust estate or the parts of the shares of the beneficiary of the net incomes of the other trust estates, as the case may be, to which that Division applies,
does not exceed $3,432,
the tax that, apart from this sub-section, would be payable by the trustee in respect of the share referred to in paragraph (a) shall be reduced by such amount (if any) as, in the opinion of the Commissioner, is fair and reasonable.
“(9) In forming an opinion for the purposes of sub-section (5) or (8) (in this sub-section referred to as the ‘ relevant sub-section’) in relation to the share of a beneficiary of the net income of a trust estate of a year of income, the Commissioner shall have regard to—
(a) any limitation that would be applicable under sub-section (6) on the amount of tax that would be payable by a trustee in accordance with Schedule 28 in respect of a share of the net income of a trust estate of the year of income of an amount equal to the sum of the shares referred to in paragraph (b) of the relevant sub-section if—
(i) Division 6aa of Part III of the Assessment Act applied to so much of that share as is equal to the sum of the parts of the shares referred to in paragraph (b) of the relevant sub-section; and
(ii) that share were a share of a beneficiary who is not presently entitled to a share of the income of the year of income of any other trust estate;
(b) the amount of any reduction previously granted by the Commissioner, in pursuance of sub-section (5) or (8), in relation to the share of the beneficiary of the net income of the year of income of any other trust estate; and
(c) such other matters (if any) as he thinks fit.
Limitation on tax payable by certain trustees
“6r. (1) Where—
(a) the trustee of a trust estate is liable to be assessed under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;
(b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and
(c) the net income or that part of the net income of the trust estate does not exceed $416,
no tax is payable under sub-section 6p (4) in respect of that net income or that part of the net income, as the case may be.
“(2) Where—
(a) the trustee of a trust estate is liable to be assessed and to pay tax under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;
(b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and
(c) the net income or that part of the net income of the trust estate exceeds $416 but does not exceed $1,155,
the amount of tax payable by the trustee under sub-section 6p (4) in respect of that net income or that part of the net income shall not exceed 50% of the amount by which that net income or that part of the net income, as the case may be, exceeds $416, less any rebate or credit to which the trustee is entitled.”.
Indexation
35. Section 9 of the Principal Act is repealed.
Heading to Schedule 17
36. The heading to Schedule 17 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Schedule 17
37. Schedule 17 to the Principal Act is amended —
(a) by omitting from column 1 of the table “$3,893” and substituting “$4,041”;
(b) by omitting from column 1 of the table “$16,608” (wherever occurring) and substituting “$17,239”; and
(c) by omitting from column 1 of the table “$33,216” (wherever occurring) and substituting “$34,478”.
Heading to Schedule 18
38. The heading to Schedule 18 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Schedule 18
39. Schedule 18 to the Principal Act is amended—
(a) by omitting from clause 3 of Part II “$3,893” (wherever occurring) and substituting “$4,041”;
(b) by omitting from paragraph 2 (b) of Part III “$3,893” and substituting “$4,041”; and
(c) by omitting from paragraph 2 (b) of Part III “$16,608” (wherever occurring) and substituting “$17,239”.
Heading to Schedule 19
40. The heading to Schedule 19 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Heading to Schedule 20
41. The heading to Schedule 20 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Schedule 20
42. Schedule 20 to the Principal Act is amended—
(a) by omitting from paragraph 2 (b) “$3,893” and substituting “$4,041”; and
(b) by omitting from paragraph 2 (b) “$16,608” (wherever occurring) and substituting “$17,239”.
Heading to Schedule 21
43. The heading to Schedule 21 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Schedule 21
44. Schedule 21 to the Principal Act is amended by omitting from paragraph (b) “$33,216” (wherever occurring) and substituting “$34,478”.
Heading to Schedule 22
45. The heading to Schedule 22 to the Principal Act is amended by omitting “AND SUBSEQUENT FINANCIAL YEARS”.
Schedule 22
46. Schedule 22 to the Principal Act is amended by omitting from paragraph (b) “$33,216” (wherever occurring) and substituting “$34,478”.
Addition of Schedules
47. The Principal Act is amended by adding at the end thereof the Schedules set out in the Schedule to this Act.
Application of amendments
48. The amendments made by sections 32 and 33 and sections 35 to 46 (inclusive) apply to assessments in respect of income of the year of income that commenced on 1 July 1980 and in respect of income of all subsequent years of income.
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SCHEDULE Section 47
SCHEDULES TO BE ADDED TO THE INCOME TAX (RATES) ACT 1976
“SCHEDULE 23 Sub-section 6p (1)
GENERAL RATES OF TAX FINANCIAL YEAR 1981-82 AND SUBSEQUENT FINANCIAL YEARS
The rate of tax in respect of each part of the taxable income specified in column 1 of the following table is
(a) if a rate is set out in column 2 of that table opposite to the reference to that part of the taxable income but a rate is not set out in column 3 of that table opposite to that reference—the rate so set out in column 2; and
(b) in any other case the sum of the rate set out in column 2 and the rate set out in column 3 of that table opposite to the reference to that part of the taxable income:
Column 1 | Column 2 | Column 3 |
| Rate | Rate |
Parts of Taxable Income | per centum (standard rate) | per centum (surcharge) |
The part of the taxable income that— | | |
exceeds $4,195 but does not exceed $17,894............... | 32 | Nil |
exceeds $17,894 but does not exceed $35,788.............. | 32 | 14 |
exceeds $35,788................................. | 32 | 28 |
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“SCHEDULE 24 Sub-section 6p (2)
NOTIONAL RATES FOR THE PURPOSES OF SECTION 156 OF THE ASSESSMENT ACT-FINANCIAL YEAR 1981-82 AND SUBSEQUENT FINANCIAL YEARS
PART I —NORMAL NOTIONAL RATE
1. This Part applies to the income of a taxpayer, other than income in respect of which a trustee is liable to be assessed and to pay tax in pursuance of section 98 or 99 of the Assessment Act, if Division 16 of Part III of the Assessment Act applies in relation to that income.
2. The notional rate in respect of income to which this Part applies is, for every $1 of the taxable income, the amount ascertained by determining the tax that would be payable if the rates set out in Schedule 23 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.
PART II—NOTIONAL RATES IN RESPECT OF CERTAIN TRUST INCOME
1. This Part applies to a share of the net income of a trust estate or to the net income or a part of the net income of a trust estate if—
(a) the trustee of the trust estate is liable to be assessed and to pay tax in pursuance of section 98 of the Assessment Act in respect of that share, or is liable to be assessed and to pay tax in pursuance of section 99 of the Assessment Act in respect of that net income or that part of that net income of the trust estate, as the case may be; and
(b) Division 16 of Part III of the Assessment Act applies in relation to that share, or in relation to that net income or that part of that net income, as the case may be.
SCHEDULE—continued
2. The notional rate in respect of income to which this Part applies is—
(a) in a case where the income is—
(i) a share of the net income of a trust estate in respect of which the trustee is liable to be assessed and to pay tax in pursuance of section 98 of the Assessment Act; or
(ii) the net income or a part of the net income of a trust estate in respect of which the trustee is liable to be assessed and to pay tax in pursuance to section 99 of the Assessment Act, being net income or a part of the net income of the estate of a deceased person who died less than 3 years before the end of the year of income,
the rate that would be calculated in accordance with Part I if that income were the taxable income of one individual and were not income in respect of which a trustee is liable to be assessed and to pay tax in pursuance of section 98 or 99 of the Assessment Act; and
(b) in any other case—the rate that would be calculated under Part I in respect of a taxable income equal to the net income if—
(i) that income were the taxable income of one individual and were not income in respect of which a trustee is liable to be assessed and to pay tax in pursuance of section 99 of the Assessment Act; and
(ii) the reference in column l of the table in Schedule 23 to the part of the taxable income that exceeds $4,195 but does not exceed $17,894 were a reference to the part of the taxable income that does not exceed $17,894.
–––––––
“SCHEDULE 25 Sub-section 6p (3)
RATE OF TAX BY REFERENCE TO A NOTIONAL INCOME—FINANCIAL YEAR 1981-82 AND SUBSEQUENT FINANCIAL YEARS
For every $1 of the taxable income of a taxpayer deriving a notional income, as specified by section 59ab, 86 or 158d of the Assessment Act, the rate of tax is the amount ascertained by dividing the amount of the tax that would be payable under Schedule 23 upon a taxable income equal to his notional income by a number equal to the number of whole dollars in that notional income.
–––––––
“SCHEDULE 26 Sub-section 6P (4)
RATES OF TAX PAYABLE BY A TRUSTEE IN PURSUANCE OF SECTION 98 OR 99 OF THE ASSESSMENT ACT—FINANCIAL YEAR 1981-82 AND SUBSEQUENT FINANCIAL YEARS
1. In the case of a trustee who is liable to be assessed and to pay tax—
(a) in pursuance of section 98 of the Assessment Act in respect of a share of the net income of a trust estate; or
(b) in pursuance of section 99 of the Assessment Act in respect of the net income or a part of the net income of the estate of a deceased person who died less than 3 years before the end of the year of income,
the rate of tax in respect of that share of the net income or that net income or that part of that net income is the rate that would be payable under Schedule 23 or 25, as the case requires, if one individual were liable to be assessed and to pay tax on that income as his taxable income.
2. In the case of a trustee who is liable to be assessed and to pay tax in pursuance of section 99 of the Assessment Act in respect of the net income of a trust estate, other than income to which clause 1 applies, the rate of tax is the rate that would be payable under Schedule 23 or 25, as the case requires, in respect of a taxable income equal to the net income if—
(a) one individual were liable to be assessed and to pay tax on that income; and
SCHEDULE—continued
(b) the reference in column 1 of the table in Schedule 23 to the part of the taxable income that exceeds $4,195 but does not exceed $17,894 were a reference to the part of the taxable income that does not exceed $17,894.
––––––––
“SCHEDULE 27 Sub-section 6q (1)
RATES OF TAX PAYABLE BY A TAXPAYER WHOSE ELIGIBLE TAXABLE INCOME EXCEEDS $1,040—FINANCIAL YEAR 1981-82 AND SUBSEQUENT FINANCIAL YEARS
The rates of tax payable by a taxpayer whose eligible taxable income for the purposes of Division 6aa of Part III of the Assessment Act exceeds $1,040 are—
(a) in respect of that part (in this Schedule referred to as the ‘relevant part’) of the taxable income of the taxpayer other than the eligible taxable income of the taxpayer—the rates that would be payable under Schedule 23 or 25, as the case requires, if the relevant part of that taxable income were the taxable income of the taxpayer; and
(b) in respect of the eligible taxable income of the taxpayer—
(i) in a case where the taxable income of the taxpayer does not exceed $35,788—46%;
(ii) in a case where the taxable income of the taxpayer exceeds $35,788 but the relevant part of the taxable income of the taxpayer is less than $35,788—
(A) in respect of so much of the eligible taxable income of the taxpayer as is equal to the amount ascertained by deducting from $35,788 the amount of the relevant part of the taxable income of the taxpayer—46%; and
(B) in respect of the remainder of the eligible taxable income of the taxpayer—60%; and
(iii) in any other case—60%.
––––––––
“SCHEDULE 28 Sub-sections 6q (3) and (4)
RATES OF TAX PAYABLE BY A TRUSTEE IN PURSUANCE OF SECTION 98 OF THE ASSESSMENT ACT WHERE DIVISION 6aa OF PART III OF THAT ACT APPLIES—FINANCIAL YEAR 1981-82 AND SUBSEQUENT FINANCIAL YEARS
The rates of tax payable by a trustee of a trust estate in pursuance of section 98 of the Assessment Act in respect of a share of the net income of the trust estate where Division 6aa of Part III of that Act applies to a part (in this Schedule referred to as the ‘eligible part’) of that share are—
(a) in respect of the part (in this Schedule referred to as the ‘relevant part’) of that share other than the eligible part of that share—the rates that would be payable under Schedule 23 or 25, as the case requires, in respect of a taxable income equal to the relevant part of that share if one individual were liable to be assessed and to pay tax on that income; and
(b) in respect of the eligible part of that share—
(i) in a case where that share does not exceed $35,788—46%;
(ii) in a case where that share exceeds $35,788 but the relevant part of that share is less than $35,788—
(A) in respect of so much of the eligible part of that share as is equal to the amount ascertained by deducting from $35,788 the amount of the relevant part of that share—46%; and
(B) in respect of the remainder of the eligible part of that share — 60%; and
(iii) in any other case—60%.”.
NOTES
1. No. 27, 1936, as amended. For previous amendments, see No. 88, 1936; No. 5, 1937; No. 46, 1938; No. 30, 1939; Nos. 17 and 65, 1940; Nos. 58 and 69, 1941; Nos. 22 and 50, 1942; No. 10, 1943; Nos. 3 and 28, 1944; Nos. 4 and 37, 1945; No. 6, 1946; Nos. 11 and 63, 1947; No. 44, 1948; No. 66, 1949; No. 48, 1950; No. 44, 1951; Nos. 4, 28 and 90, 1952; Nos. 1, 28, 45 and 81, 1953; No. 43, 1954; Nos. 18 and 62, 1955; Nos. 25, 30 and 101, 1956; Nos. 39 and 65, 1957; No. 55, 1958; Nos. 12, 70 and 85, 1959; Nos. 17, 18, 58 and 108, 1960; Nos. 17, 27 and 94, 1961; Nos. 39 and 98, 1962; Nos. 24 and 69, 1963; Nos. 46, 68, 110 and 115, 1964; Nos. 33, 103 and 143, 1965; Nos. 50 and 83, 1966; Nos. 19, 38, 76 and 85, 1967; Nos. 4, 60, 70, 87 and 148, 1968; Nos. 18, 93 and 101, 1969; No. 87, 1970; Nos. 6, 54 and 93, 1971; Nos. 5, 46, 47, 65 and 85, 1972; Nos. 51, 52, 53, 164 and 165, 1973; No. 216, 1973 (as amended by No. 20, 1974); Nos. 26 and 126, 1974; Nos. 80 and 117, 1975; Nos. 50, 53, 56, 98, 143, 165 and 205, 1976; Nos. 57, 126 and 127, 1977; Nos. 57, 87, 123, 171 and 172, 1978; and Nos. 12, 19, 27, 43, 62, 146, 147 and 149, 1979; Nos. 19, 24, 124, 133, 134 and 159, 1980; and No. 108, 1981.
2. No. 57, 1976, as amended. For previous amendments, see Nos. 42 and 128, 1977; Nos. 124 and 175, 1978; Nos. 43 and 150, 1979; and Nos. 22 and 59, 1980.
