Commonwealth Numbered Acts

INCOME TAX (RATES) AMENDMENT ACT (No. 2) 1977 No. 128 of 1977 - SCHEDULE 7

SCHEDULE 7
Sub-section 6B (3)

RATE OF TAX BY REFERENCE TO A NOTIONAL INCOME-
FINANCIAL YEAR 1977-78

For every $1 of the taxable income of a taxpayer deriving a notional income,
as specified by section 59AB, 86 or 158D of the Assessment Act, the rate of
tax is the amount ascertained by dividing the sum of-

   (a)  the amount of tax that would be payable if the rates set out in Part I
        of Schedule 5 were applied to a taxable income equal to his notional
        income; and

   (b)  58.3 per centum of the amount of tax that would be payable if the
        rates set out in the table in clause 4 of Part I of Schedule 6 were
        applied to a taxable income equal to his notional income, by a number
        equal to the number of whole dollars in that notional income.

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