Federal Register of Legislation - Australian Government

Primary content

A Bill for an Act to implement the New Business Tax System by amending income tax rates, and for related purposes
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Introduced HR 21 Oct 1999

New Business Tax System (Income Tax Rates) Bill (No. 1) 1999
First Reading

1998-99

The Parliament of the

Commonwealth of Australia

HOUSE OF REPRESENTATIVES

Presented and read a first time

New Business Tax System (Income Tax Rates) Bill (No. 1) 1999

No. , 1999

(Treasury)

A Bill for an Act to implement the New Business Tax System by amending income tax rates, and for related purposes

ISBN: 0642 418535

Contents

Income Tax Rates Act 1986 3

Income Tax Rates Act 1986 5

A Bill for an Act to implement the New Business Tax System by amending income tax rates, and for related purposes

The Parliament of Australia enacts:

1 Short title This Act may be cited as the New Business Tax System (Income Tax Rates) Act (No. 1) 1999.

2 Commencement (1) Subject to subsection (2), this Act commences on 1 July 2000.

(2) Schedule 2 commences on 1 July 2001.

3 Schedule(s) Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1--Cutting the company tax rate for the 2000-01 year of income

Income Tax Rates Act 1986

1 Subsection 23(2)

Omit "36%", substitute "34%".

2 Paragraph 23(3)(a)

Omit "36%", substitute "34%".

3 Paragraph 23(4)(bb)

Omit "36%", substitute "34%".

4 Subparagraph 23(4A)(c)(ii)

Omit "36%", substitute "34%".

5 Paragraph 23(4BA)(b)

Omit "36%", substitute "34%".

6 Paragraph 23(4C)(c)

Omit "36%", substitute "34%".

7 Subsection 23(5)

Omit "$1,204", substitute "$1,089".

8 Subsection 23(6)

Omit "54%", substitute "51%".

9 Section 24

Omit "36%", substitute "34%".

10 Section 25

Omit "36%", substitute "34%".

11 Section 28

Omit "36%", substitute "34%".

12 Application of amendments made by this Schedule

The amendments made by this Schedule apply to assessments in respect of taxable income, or a trust estate's net income, of the 2000-01 year of income.

Schedule 2--Cutting the company tax rate for the 2001-02 year of income and later

Income Tax Rates Act 1986

1 Subsection 23(2)

Omit "34%", substitute "30%".

2 Paragraph 23(3)(a)

Omit "34%", substitute "30%".

3 Paragraph 23(4)(bb)

Omit "34%", substitute "30%".

4 Subparagraph 23(4A)(c)(ii)

Omit "34%", substitute "30%".

5 Paragraph 23(4BA)(b)

Omit "34%", substitute "30%".

6 Paragraph 23(4C)(c)

Omit "34%", substitute "30%".

7 Subsection 23(5)

Omit "$1,089", substitute "$915".

8 Subsection 23(6)

Omit "51%", substitute "45%".

9 Section 24

Omit "34%", substitute "30%".

10 Section 25

Omit "34%", substitute "30%".

11 Section 28

Omit "34%", substitute "30%".

12 Application of amendments made by this Schedule

The amendments made by this Schedule apply to assessments in respect of taxable income, or a trust estate's net income, of the 2001-02 year of income and of later years of income.