Tax Legislation Amendment Act 1992
No. 197 of 1992
An Act to amend the law relating to taxation
[Assented to 21 December 1992]
The Parliament of Australia enacts:
PART 1—PRELIMINARY
Short title
1. This Act may be cited as the Tax Legislation Amendment Act 1992.
Commencement
2.(1) This Part and Divisions 1 and 2 of Part 2 commence on 1 July 1994.
(2) Division 3 of Part 2 commences on 1 July 1995.
(3) Division 4 of Part 2 commences on 1 July 1996.
PART 2—AMENDMENTS OF THE INCOME TAX RATES ACT 1986 TO GIVE EFFECT TO PERSONAL TAX CUTS
Division 1—Principal Act
Principal Act
3. In this Part, "Principal Act" means the Income Tax Rates Act 19861.
Division 2—Tax cuts for 1994-95
Schedule 7
4.(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 $38,000............................................................... | 34% |
| exceeds $38,000 but does not exceed $50,000............................................................... | 43% |
| 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 $38,000..................................................................... | 34% |
| exceeds $38,000 but does not exceed $50,000..................................................................... | 43% |
| exceeds $50,000.......................................................................................................................... | 47% "; |
(2) The amendments made by subsection (1) apply to assessments in respect of income of the 1994-95 year of income.
Division 3—Tax cuts for 1995-96
Schedule 7
5.(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 $38,000.................................................................... | 32% |
| exceeds $38,000 but does not exceed $40,000.................................................................... | 36.5% |
| exceeds $40,000 but does not exceed $50,000.................................................................... | 41.5% |
| 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 $38,000................................................................... | 32% |
| exceeds $38,000 but does not exceed $40,000................................................................... | 36.5% |
| exceeds $40,000 but does not exceed $50,000................................................................... | 41.5% |
| exceeds $50,000........................................................................................................................ | 47% ". |
(2) The amendments made by subsection (1) apply to assessments in respect of income of the 1995-96 year of income.
Division 4—Tax cuts for 1996-97 and later years
Schedule 7
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.
NOTE
1. No. 107, 1986, as amended. For previous amendments, see Nos. 60 and 138, 1987; Nos. 11, 78 and 118, 1988; Nos. 70, 98 and 106, 1989; No. 87, 1990; Nos. 48, 100 and 216, 1991; and No. 98, 1992.
[Minister's second reading speech made in—
House of Representatives on 16 September 1992
Senate on 9 November 1992]