Income Tax Rates Amendment Act 1994

No. 173 of 1994

An Act to amend the Income Tax Rates Act 1986, and for related purposes

[Assented to 16 December 1994]

The Parliament of Australia enacts:

Short title

1. This Act may be cited as the Income Tax Rates Amendment Act 1994.

Commencement

2. This Act commences on the day on which it receives the Royal Assent.

Principal Act

3. In this Act, "Principal Act" means the Income Tax Rates Act 1986¹.

Rates of tax payable by companies

4. Section 23 of the Principal Act is amended by omitting from subsection (6) "$50,000" and substituting "$49,999".

Application

5. The amendment made by this Act applies to assessments in respect of income of the 1994-95 year of income and of all later years of income.

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NOTE

Income Tax Rates Act 1986

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; Nos. 98 and 197, 1992; and Nos. 7 and 18, 1993.

[Minister's second reading speech made in—

House of Representatives on 14 November 1994

Senate on 5 December 1994]