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Tax Legislation Amendment Act 1992

Authoritative Version
Act No. 197 of 1992 as made
An Act to amend the law relating to taxation
Date of Assent 21 Dec 1992
Date of repeal 27 Oct 1993
Repealed by Taxation (Deficit Reduction) Act (No. 3) 1993

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]