Income Tax Rates Amendment Act 1995

No. 90 of 1995

An Act to amend the law relating to taxation

[Assented to 27 July 1995]

The Parliament of Australia enacts:

Short title

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

Commencement

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

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.

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%.

[Minister's second reading speech made in—

House of Representatives on 8 June 1995 Senate on 20 June 1995]