Commonwealth Numbered Acts

INCOME TAX (RATES) AMENDMENT ACT (NO. 2) 1980 No. 59 of 1980 - SECT 3

3. Section 9 of the Principal Act is amended-

   (a)  by omitting sub-paragraph (iii) of paragraph (c) of sub-section (5)
        and substituting the following sub-paragraphs:



"(i) the increases in the price paid to manufacturers of stabilized crude
petroleum oil in respect of part of the oil that was produced from crude
petroleum oil obtained from fields in Australia, being increases that took
effect on 17 August 1977 and 1 July 1978, to the extent to which the increases
were designed to equate the price so paid for part of that oil to the import
parity price;

        (ii)   the increases in the price paid to manufacturers of stabilized
               crude petroleum oil in respect of part of the oil that was
               produced from crude petroleum oil obtained from fields in
               Australia, being increases that took effect on or after 16
               August 1978 and were attributable to increases in the import
               parity price of stabilized crude petroleum oil as determined
               under sub-section 77L (2) of the Excise Act 1901;

        (iii)  increases on or after 1 September 1979 in the cost of health
               insurance and in the net cost of health services, being
               increases that resulted from a reduction in the Commonwealth
               medical benefit; and

        (iv)   increases on or after 1 September 1979 in public hospital in-
               patient charges and in the cost of health insurance resulting
               from such increases."; and

   (b)  by adding at the end thereof the following sub-sections:



"(8) For the purposes of the application of sub-section (2) in relation to the
year of income commencing on 1 July 1980, the multiplier to be used shall be-

   (a)  if a factor has not been prescribed in relation to that year of income
        by regulations made under sub-section (4)-the number (calculated to 3
        decimal places) ascertained by increasing by 1 the factor ascertained
        in accordance with sub-section (3) in relation to that year of income
        and dividing the result by 2; or

   (b)  if a factor has been prescribed in relation to that year of income by
        regulations made under sub-section (4)-the number (calculated to 3
        decimal places) ascertained by increasing by 1 that factor prescribed
        by regulations made under sub-section (4) and dividing the result by
        2.



"(9) Where the multiplier ascertained in accordance with paragraph (8) (a) or
(8) (b) would, if it were calculated to 4 decimal places, end with a number
greater than 4, the multiplier ascertained in accordance with that paragraph
shall be taken to be the multiplier calculated to 3 decimal places in
accordance with that paragraph and increased by 0.001.".