Commonwealth Numbered Regulations

1990 No. 126 INCOME TAX REGULATIONS (AMENDMENT) - REG 13

13. Regulation 54DAP of the Income Tax Regulations is amended:

   (a)  by omitting subregulation (1) and substituting the following
        subregulations:

"(1) Where any salary or wages that an employee (not being an employee to whom
subregulation (1A) applies) receives, or is entitled to receive, in respect of
a week or part of a week comprises or comprise an amount:

   (a)  that is:

        (i)    the taxed element of the post-June 83 component of an ETP; or

        (ii)   the untaxed element of the post-June 83 component of an ETP;
               and

   (b)  to which a roll-over nomination referred to in paragraph 54DAQ (1) (b)
        does not apply; the prescribed rate of deductions to be made for the
        purpose of subsection 221C (1) of the Act from the amount is set out
        in the following tables:
TABLE 1
s. 27B (1) (a) amounts
Item    Class of eligible

        assessable income       Part that is

subject to
                                deduction        Rates of

deductions
(%)
for year
of income
commencing
on 1 July
---------
                                                      1990      1991

1992 or later  1      27B (1) (a)-B55-F84     derived amount       25.25

23.25 21.25  2      27B (1) (a)-A55-F84     low rate part         7.25

4.25 0.00  3      27B (1) (a)-A55-F84     remaining part       22.25     19.25

16.25  4      27B (1) (a)-B55-F85     derived amount       21.25     21.25

21.25  5      27B (1) (a)-A55-F85     low rate part         0.00      0.00

0.00  6      27B (1) (a)-A55-F85     remaining part       16.25     16.25

16.25  7      27B (1) (a)-B55-F86     derived amount       21.25     21.25

21.25  8      27B (1) (a)-A55-F86     low rate part         0.00      0.00

0.00  9      27B (1) (a)-A55-F86     remaining part       16.25     16.25

16.25 10      27B (1) (a)-B55-F87     derived amount       21.25     21.25

21.25 11      27B (1) (a)-A55-F87     low rate part         0.00      0.00

0.00 12      27B (1) (a)-A55-F87     remaining part       16.25     16.25

16.25                                     TABLE 2

s. 27B (1) (b) amounts
Item   Class of eligible

       assessable income      Part that is

subject to
                              deduction                Rates of

deductions (%)
for year of
income commencing
on 1 July
------------------------- 1990 or later 1      27B (1) (b)-B55        derived

amount 31.25 2      27B (1) (b)-A55        low rate part 16.25 3      27B (1)

(b)-A55        remaining part 31.25   "(1AA) The amount of eligible assessable
income that comes within a class described in Table 1 is determined in
accordance with subsection 159SC (1) of the Act.

"(1AB) The amount of eligible assessable income that comes within a class
described in Table 2 is determined in accordance with subsection 159SC (2) of
the Act.

"(1AC) The parts, specified in Tables 1 and 2, of the classes of eligible
assessable income that are subject to deduction are determined as follows:

   (a)  the 'derived amount' is so much of the s.27B (1) (a) amount or the
        s.27B (1) (b) amount, as the case requires, as is attributable to the
        corresponding class of eligible assessable income;

   (b)  the 'low rate part' is, subject to subregulations (1AD) and (1AE), so
        much of the derived amount for the class of eligible assessable income
        concerned as does not exceed the upper limit for the current year;

   (c)  the 'remaining part' is so much of the derived amount for the class of
        eligible assessable income concerned as is left over after deducting
        the low rate part.

"(1AD) For the purposes of subregulation (1), where a post-June 83 component
for the current year comprises both s.27B (1) (a) amounts and s.27B (1) (b)
amounts:

   (a)  the total of the low rate parts of those amounts must not exceed the
        upper limit for the current year; and

   (b)  the low rate part of the total of the s.27B (1) (b) amounts is so much
        of that total as does not exceed so much (if any) of the upper limit
        as is left over after deduction of the total of the s.27B (1) (a)
        amounts for the current year.

"(1AE) For the purposes of subregulation (1), where the total of the s.27B (1)
(a) amounts of a post-June 83 component for the current year comprises 2 or
more of the following classes of eligible assessable income of an age 55 ETP,
the low rate parts of the s.27B (1) (a) amounts are determined by deducting
from the upper limit for the current year, in the following order, each of the
amounts of eligible assessable income that comes within those classes:
1 27B (1) (a)-A55-F87
2 27B (1) (a)-A55-F86
3 27B (1) (a)-A55-F85
4 27B (1) (a)-A55-F84.

"(1AF) The amount of a deduction to be made from a part of an amount referred
to in subregulation (1) is the amount that is a multiple of 5 cents that is,
or is nearest to, the amount calculated by multiplying that part by the
prescribed rate of deduction applicable under subregulation (1) to that
part.";

   (b)  by omitting from subregulation (2) "post 30 June 1983" and
        substituting "post-June 83";

   (c)  by omitting from subregulation (2) "the amount (if any) specified in
        accordance with sub-paragraph 54DAQ (2) (b) (iii)" and substituting
        "the amounts (if any) specified in accordance with subparagraphs 54DAQ
        (2) (b) (iii) and (iv)".