Commonwealth Numbered Acts

INCOME TAX (RATES) AMENDMENT ACT 1980 No. 22 of 1980 - SECT 17

17. The Principal Act is amended by adding at the end thereof the following
Schedules:

                                 "SCHEDULE 21                Sub-section 6LA
(1)

RATES OF TAX PAYABLE BY A TAXPAYER WHOSE
ELIGIBLE TAXABLE INCOME EXCEEDS $1,040-FINANCIAL YEAR
1980-81 AND SUBSEQUENT FINANCIAL YEARS

The rates of tax payable by a taxpayer whose eligible taxable income for the
purposes of Division 6AA of Part III of the Assessment Act exceeds $1,040 are-

   (a)  in respect of that part (in this Schedule referred to as the 'relevant
        part') of the taxable income of the taxpayer other than the eligible
        taxable income of the tax- payer-the rates that would be payable under
        Schedule 17 or 19, as the case requires, if the relevant part of that
        taxable income were the taxable income of the taxpayer; and

   (b)  in respect of the eligible taxable income of the taxpayer-

        (i)    in a case where the taxable income of the taxpayer does not
               exceed $33,216- 46%;

        (ii)   in a case where the taxable income of the taxpayer exceeds
               $33,216 but the relevant part of the taxable income of the
               taxpayer is less than $33,216- (A) in respect of so much of the
               eligible taxable income of the taxpayer as is equal to the
               amount ascertained by deducting from $33,216 the amount of the
               relevant part of the taxable income of the taxpayer-46%; and
               (B) in respect of the remainder of the eligible taxable income
               of the taxpayer-60%; and

        (iii)  in any other case-60%.
                                 "SCHEDULE 22        Sub-sections 6LA (3)
and(4)

RATES OF TAX PAYABLE BY A TRUSTEE IN PURSUANCE OF
SECTION 98 OF THE ASSESSMENT ACT WHERE DIVISION 6AA OF PART III
OF THAT ACT APPLIES-FINANCIAL YEAR 1980-81
AND SUBSEQUENT FINANCIAL YEARS

The rates of tax payable by a trustee of a trust estate in pursuance of
section 98 of the Assessment Act in respect of a share of the net income of
the trust estate where Division 6AA of Part III of that Act applies to a part
(in this Schedule referred to as the 'eligible part') of that share are-

   (a)  in respect of the part (in this Schedule referred to as the 'relevant
        part') of that share other than the eligible part of that share-the
        rates that would be payable under Schedule 17 or 19, as the case
        requires, in respect of a taxable income equal to the relevant part of
        that share if one individual were liable to be assessed and to pay tax
        on that income; and

   (b)  in respect of the eligible part of that share-

        (i)    in a case where that share does not exceed $33,216-46%;

        (ii)   in a case where that share exceeds $33,216 but the relevant
               part of that share is less than $33,216-

                (A)  in respect of so much of the eligible part of that share
                     as is equal to the amount ascertained by deducting from
                     $33,216 the amount of the relevant part of that
                     share-46%; and

                (B)  in respect of the remainder of the eligible part of that
                     share-60%; and

        (iii)  in any other case-60%.".