Federal Register of Legislation - Australian Government

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Income Tax Rates Amendment Act 1995

  • - C2004A04940
  • No longer in force
Act No. 90 of 1995 as made
An Act to amend the law relating to taxation
Administered by: Treasury
Date of Assent 27 Jul 1995
Date of repeal 10 Mar 2016
Repealed by Amending Acts 1990 to 1999 Repeal Act 2016
 

INCOME TAX RATES AMENDMENT ACT 1995 No. 90, 1995

Making Information
- Assented to 27 July 1995

INCOME TAX RATES AMENDMENT ACT 1995 No. 90 of 1995 - TABLE OF PROVISIONS

CONTENTS
Section
1. Short title
2. Commencement
3. Schedule
SCHEDULE
AMENDMENT OF THE INCOME TAX RATES ACT 1986

INCOME TAX RATES AMENDMENT ACT 1995 No. 90 of 1995 - LONG TITLE

An Act to amend the law relating to taxation

INCOME TAX RATES AMENDMENT ACT 1995 No. 90 of 1995 - SECT 1
Short title

1. This Act may be cited as the Income Tax Rates Amendment Act 1995.


(Minister's second reading speech made in-
House of Representatives on 8 June 1995
Senate on 20 June 1995)

INCOME TAX RATES AMENDMENT ACT 1995 No. 90 of 1995 - SECT 2
Commencement

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

INCOME TAX RATES AMENDMENT ACT 1995 No. 90 of 1995 - SECT 3
Schedule

3. The Income Tax Rates Act 1986 is amended in accordance with the applicable items in the Schedule, and the other item in the Schedule has effect according to its terms.

INCOME TAX RATES AMENDMENT ACT 1995 No. 90 of 1995 - SCHEDULE 1

SCHEDULE Section 3
AMENDMENT OF THE INCOME TAX RATES ACT 1986
1. Subsection 23(2):
Omit "33%", substitute "36%".
2. Paragraph 23(3)(a):
Omit "33%", substitute "36%".
3. Subparagraph 23(4A)(c)(ii):
Omit "33%", substitute "36%".
4. Paragraph 23(4C)(c):
Omit "33%", substitute "36%".
5. Subsection 23(5):
Omit "$1,039", substitute "$1,204".
6. Subsection 23(6):
Omit "49.5%", substitute "54%".
7. Section 24:
Omit "33%", substitute "36%".
8. Section 25:
Omit "33%", substitute "36%".
9. Section 28:
Omit "33%", substitute "36%".
10. Application
(1) The amendments made by this Schedule apply to assessments in
respect of income of the 1995-96 year of income and of all later years
of income.
(2) In the application of subsection 23(2) of the Income Tax Rates
Act 1986 as amended by this Schedule to a recognised large credit
union for the 1995-96 year of income or the 1996-97 year of income,
the reference in the subsection to 36% is to be read as a reference to
20%.
(3) In the application of subsection 23(6) of the Income Tax Rates
Act 1986 as amended by this Schedule for the 1995-96 year of income or
the 1996-97 year of income, the reference in the subsection to 54% is
to be read as a reference to 30%.