Income Tax Amendment Regulations 2005 (No. 4) (Cth)
Income Tax Amendment Regulations 2005 (No. 4) 1
Select Legislative Instrument 2005 No. 161
I, PHILIP MICHAEL JEFFERY, Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the
Income Tax Assessment Act 1936 .Dated 7 July 2005
P. M. JEFFERY
Governor-General
By His Excellency’s Command
MAL BROUGH
Minister for Revenue and Assistant Treasurer
These Regulations are the
Income Tax Amendment Regulations 2005 (No. 4) .
These Regulations commence on the commencement of the
Tax Laws Amendment (Personal Income Tax Reduction) Act 2005 .
Schedule 1 amends the
Income Tax Regulations 1936 .
The amendments made by Schedule 1 apply in relation to assessments of income for the income year 2005-2006 and later income years.
(regulation 3)
substitute
(3) For this regulation, a
rebate threshold for a year of income is worked out using the following table:
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where:
A is the threshold at the upper conclusion of the lowest marginal tax rate.
B is the rate that would be the lowest marginal tax rate, if not for the rate mentioned in factorC .
C is the lowest marginal tax rate.
D is the tax-free threshold.
E is the maximum amount of rebate allowable under section 159N of the Act.
F , for a person, is the rebate amount mentioned in subregulation (2).
Note lowest marginal tax rate andtax-free threshold are defined in regulation 148.
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1. All legislative instruments and compilations are registered on the Federal Register of Legislative Instruments kept under the
Legislative Instruments Act 2003. See
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