Income Tax (Rates) Act 1976 (Cth)
INCOME TAX (RATES) ACT 1976 [Note: This Act is "repealed" by Act No. 138 of 1987]
(#DATE 31:12:1980)
(#DATE 31:12:1980)
- Incorporating all amendments by legislation made to 31 December 1980
*1*. The Income Tax (Rates) Act 1976 as shown in this reprint comprises Act No. 57, 1976 as amended by the other Acts specified in the following table:
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Application,
saving or
Number Date Date of transitional
Act and year of Assent commencement provisions
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Income Tax
(Rates) Act 1976 57, 1976 4 June 1976 4 June 1976
Income Tax (Rates)
Amendment Act 1977 42, 1977 7 June 1977 7 June 1977 -
Income Tax (Rates)
Amendment Act
(No. 2) 1977 128, 1977 10 Nov 1977 10 Nov 1977 -
Income Tax (Rates)
Amendment Act 1978 124, 1978 13 Oct 1978 13 Oct 1978 -
Income Tax (Rates)
Amendment Act
(No. 2) 1978 175, 1978 28 Nov 1978 28 Nov 1978 -
Income Tax (Rates
and Assessment)
Amendment Act 1979 43, 1979 14 June 1979 14 June 1979 S. 5
Income Tax (Rates)
Amendment Act 1979 150, 1979 28 Nov 1979 28 Nov 1979 -
Income Tax (Rates)
Amendment Act 1980 22, 1980 1 May 1980 1 May 1980 -
Income Tax (Rates)
Amendment Act
(No. 2) 1980 59, 1980 23 May 1980 23 May 1980 Ss. 4 and 5
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INCOME TAX (RATES) ACT 1976 - TABLE OF PROVISIONS TABLE
TABLE OF PROVISIONS
PART I-PRELIMINARY
Section
1. Short title
2. Commencement
3. Interpretation
4. Incorporation
PART II-FINANCIAL YEAR COMMENCING ON 1 JULY 1976
4A. Application of Part II
5. Rates of tax
6. Limitation of tax payable on certain incomes
PART III-FINANCIAL YEAR COMMENCING ON 1 JULY 1977
6A. Application of Part III
6B. Rates of tax
6C. Limitation on tax payable by trustees
PART IV-FINANCIAL YEAR COMMENCING ON 1 JULY 1978
6D. Application of Part IV
6E. Rates of tax and notional rates
6F. Limitation on tax payable by certain trustees
PART IVA-FINANCIAL YEAR COMMENCING ON 1 JULY 1979
6G. Application of Part IVA
6H. Rates of tax and notional rates
6HA. Rates of tax where Division 6AA of Part III of the Assessment
Act applies
6J. Limitation on tax payable by certain trustees
PART IVB-FINANCIAL YEAR COMMENCING ON 1 JULY 1980
AND SUBSEQUENTFINANCIAL YEARS
6K. Application of Part IVB
6L. Rates of tax and notional rates
6LA. Rates of tax where Division 6AA of Part III of the Assessment
Act applies
6M. Limitation on tax payable by certain trustees
PART V-MISCELLANEOUS
7. Adjustment where amount to be paid by, or refunded to, taxpayer
would not exceed 49 cents
7A. Operation of sections 6C and 6F
8. Act to be deemed to be the Act declaring rates of income tax
9. Indexation
SCHEDULE 1
General Rates of Tax-Financial Year 1976-77
SCHEDULE 2
Rates of Tax by Reference to an Average Income-Financial Year 1976-77
SCHEDULE 3
Rate of Tax by Reference to a Notional Income-Financial Year 1976-77
SCHEDULE 4
Rate of Tax Payable by a Trustee in Pursuance of Section 98 or 99 of the
Assessment Act-Financial Year 1976-77
SCHEDULE 5
General Rates of Tax-Financial Year 1977-78
SCHEDULE 6
Rates of Tax by Reference to an Average Income-Financial Year 1977-78
SCHEDULE 7
Rate of Tax by Reference to a Notional Income-Financial Year 1977-78
SCHEDULE 8
Rates of Tax Payable by a Trustee in Pursuance of Section 98 or 99 of the
Assessment Act-Financial Year 1977-78
SCHEDULE 9
General Rates of Tax-Financial Year 1978-79
SCHEDULE 10
Notional Rates for the Purposes of Section 156 of the Assessment Act-Financial
Year 1978-79
SCHEDULE 11
Rate of Tax by Reference to a Notional Income-Financial Year 1978-79
SCHEDULE 12
Rates of Tax Payable by a Trustee in Pursuance of Section 98 or 99 of the
Assessment Act-Financial Year 1978-79
SCHEDULE 13
General Rates of Tax-Financial Year 1979-80
SCHEDULE 14
Notional Rates for the Purposes of Section 156 of the Assessment Act-Financial
Year 1979-80
SCHEDULE 15
Rate of Tax by Reference to a Notional Income-Financial Year 1979-80
SCHEDULE 16
Rates of Tax Payable by a Trustee in Pursuance of Section 98 or 99 of the
Assessment Act-Financial Year 1979-80
SCHEDULE 16A
Rates of Tax Payable by a Taxpayer whose Eligible Taxable Income Exceeds
$1,040-Financial Year 1979-80
SCHEDULE 16B
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 1979-80
SCHEDULE 17
General Rates of Tax-Financial Year 1980-81 and Subsequent Financial Years
SCHEDULE 18
Notional Rates for the Purposes of Section 156 of the Assessment Act-Financial
Year 1980-81 and Subsequent Financial Years
SCHEDULE 19
Rate of Tax by Reference to a Notional Income-Financial Year 1980-81 and
Subsequent Financial Years
SCHEDULE 20
Rates of Tax Payable by a Trustee in Pursuance of Section 98 or 99 of the
Assessment Act-Financial Year 1980-81 and Subsequent Financial Years
SCHEDULE 21
Rates of Tax Payable by a Taxpayer whose Eligible Taxable Income Exceeds
$1,040-Financial Year 1980-81 and Subsequent Financial Years
SCHEDULE 22
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
INCOME TAX (RATES) ACT 1976 - LONG TITLE SECT
An Act to declare the Rates of Income Tax payable upon Incomes, other than Incomes of Companies and of Superannuation Funds
INCOME TAX (RATES) ACT 1976 - PART I
PART I-PRELIMINARYHeading inserted by No. 128, 1977, s. 3
INCOME TAX (RATES) ACT 1976 - SECT 1
Short titleSECT
1. This Act may be cited as the Income Tax (Rates) Act 1976. *1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
INCOME TAX (RATES) ACT 1976 - SECT 2
CommencementSECT
2. This Act shall come into operation on the day on which it receives the Royal Assent.*1* SEE NOTES TO FIRST ARTICLE OF THIS CHAPTER .
INCOME TAX (RATES) ACT 1976 - SECT 3
InterpretationSub-section (1) amended by No. 128, 1977, s. 4; No. 175, 1978, s. 3; No. 150, 1979, s. 3
SECT
3. (1) In this Act, unless the contrary intention appears-
"Assessment Act" means the Income Tax Assessment Act 1936-1976;
"superannuation fund" means a provident, benefit, superannuation or retirement fund;
"tax" means income tax imposed as such by any Act other than-
(a) income tax payable by a company (other than a company in the capacity of a trustee);
(b) income tax payable by a person in the capacity of a trustee of a superannuation fund; or
(c) income tax payable in accordance with section 128B, 128T, 128V or 136A of the Assessment Act.Substituted by No. 22, 1980, s. 3
SECT
(2) In this Act-
(a) a reference to net income or taxable income shall be read as a reference to net income or taxable income, as the case may be, of the year of income; and
(b) a reference to eligible taxable income for the purposes of Division 6AA of Part III of the Assessment Act shall be read as a reference to eligible taxable income of the year of income for the purposes of that Division.Added by No. 22, 1980, s. 3
SECT
(3) A reference in this Act to the part to which Division 6AA of Part III of the Assessment Act applies of the share of a beneficiary of the net income of a trust estate shall, if that Division applies to the whole of such a share, be read as a reference to the whole of that share.
INCOME TAX (RATES) ACT 1976 - SECT 4
IncorporationSECT
4. The Assessment Act is incorporated, and shall be read as one, with this Act.
INCOME TAX (RATES) ACT 1976 - PART II
PART II-FINANCIAL YEAR COMMENCING ON 1 JULY 1976Heading inserted by No. 128, 1977, s. 5
INCOME TAX (RATES) ACT 1976 - SECT 4A
Application of Part IIInserted by No. 128, 1977, s. 6
SECT
4A. The rates of tax declared by this Part apply for the financial year that commenced on 1 July 1976.
INCOME TAX (RATES) ACT 1976 - SECT 5
Rates of taxSub-section (1) amended by No. 128, 1977, s. 7
SECT
5. (1) Except as otherwise provided by this Part, the rates of tax are as set out in Schedule 1. (2) The rates of tax in respect of a taxable income to which Division 16 of Part III of the Assessment Act applies are as set out in Schedule 2.
(3) The rate of tax in respect of a taxable income in any case where section 59AB, 86 or 158D of the Assessment Act applies is as set out in Schedule 3.
(4) The rate of tax payable by a trustee in pursuance of section 98 or 99 of the Assessment Act is as set out in Schedule 4.
(5) The rate of further tax payable by a person in pursuance of sub-section 94 (9) of the Assessment Act is such amount (if any) per dollar as is ascertained by dividing an amount equal to one-half of the taxable income of the person, less the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the person is entitled (other than a rebate allowable by virtue of sub-section 159N (2), or an additional rebate allowable by virtue of paragraph 159N (3) (b), of the Assessment Act), would be payable by the person, by a number equal to the number of whole dollars in that taxable income.
(6) The rate of further tax payable by a trustee in pursuance of sub-section 94 (11) or (12) of the Assessment Act is such amount (if any) per dollar as is ascertained by dividing an amount equal to one-half of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of that Act, less the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the trustee is entitled (other than a rebate allowable by virtue of sub-section 159N (2), or an additional rebate allowable by virtue of paragraph 159N (3) (b), of the Assessment Act), would be payable by the trustee in respect of that net income, by a number equal to the number of whole dollars in that net income.
(7) The rate of tax payable by a trustee in respect of the net income of the trust estate in respect of which the trustee is liable, in pursuance of section 99A of the Assessment Act, to be assessed and to pay tax is 50 per centum.
INCOME TAX (RATES) ACT 1976 - SECT 6
Limitation of tax payable on certain incomesSECT
6. (1) Where the taxable income of a person does not exceed $1,492, the amount of tax payable by him under sub-section 5 (1), (2) or (3) shall not exceed 66 per centum of the amount by which the taxable income exceeds $1,040 less any rebate or credit to which he is entitled. (2) Where the net income of a trust estate in respect of which a trustee is liable to be assessed and to pay tax under section 98 of the Assessment Act does not exceed $1,492, the amount of tax payable by the trustee under sub-section 5 (4) in respect of that net income shall not exceed 66 per centum of the amount by which that net income exceeds $1,040 less any rebate or credit to which the trustee is entitled.
(3) Where the net income of a trust estate in respect of which a trustee is liable to be assessed and to pay tax under section 99 of the Assessment Act does not exceed $748, the amount of tax payable by the trustee under sub-section 5 (4) in respect of that net income shall not exceed 45 per centum of the amount of which that income exceeds $416 less any rebate or credit to which the trustee is entitled.
INCOME TAX (RATES) ACT 1976 - PART III
PART III-FINANCIAL YEAR COMMENCING ON 1 JULY 1977Part III inserted by No. 128, 1977, s. 8
INCOME TAX (RATES) ACT 1976 - SECT 6A
Application of Part IIIInserted by No. 128, 1977, s. 8
SECT
6A. The rates of tax declared by this Part apply for the financial year that commenced on 1 July 1977.
INCOME TAX (RATES) ACT 1976 - SECT 6B
Rates of taxInserted by No. 128, 1977, s. 8
SECT
6B. (1) Except as otherwise provided by this Part, the rates of tax are the rates of tax set out in Part I, and the rates of tax set out in Part II, of Schedule 5. (2) The rates of tax in respect of a taxable income to which Division 16 of Part III of the Assessment Act applies are as set out in Schedule 6.
(3) The rate of tax in respect of a taxable income in any case where section 59AB, 86 or 158D of the Assessment Act applies is as set out in Schedule 7.
(4) The rates of tax payable by a trustee in pursuance of section 98 or 99 of the Assessment Act are as set out in Schedule 8.
(5) The rate of further tax payable by a person in pursuance of sub-section 94 (9) of the Assessment Act is such amount (if any) per dollar as is ascertained by dividing an amount equal to one-half of the taxable income of the person, less the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the person is entitled, would be payable by the person, by a number equal to the number of whole dollars in that taxable income.
(6) The rate of further tax payable by a trustee in pursuance of sub-section 94 (11) or (12) of the Assessment Act is such amount (if any) per dollar as is ascertained by dividing an amount equal to one-half of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of that Act, less the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the trustee is entitled, would be payable by the trustee in respect of that net income, by a number equal to the number of whole dollars in that net income.
(7) The rate of tax payable by a trustee in respect of the net income of the trust estate in respect of which the trustee is liable, in pursuance of section 99A of the Assessment Act, to be assessed and to pay tax is 54.17 per centum.
INCOME TAX (RATES) ACT 1976 - SECT 6C
Limitation on tax payable by trusteesInserted by No. 128, 1977, s. 8
SECT
6C. (1) Subject to section 7A, where-
(a) the trustee of a trust estate (other than the estate of a deceased person) is liable to be assessed under section 98 of the Assessment Act in respect of a share of the net income of the trust estate to which a beneficiary under the age of 16 years on the last day of the year of income is presently entitled; and
(b) the amount of that share of the net income does not exceed $1,040,
no tax is payable under sub-section 6B (4) in respect of that share of the net income.(2) Subject to section 7A, where-
(a) the trustee of a trust estate (other than the estate of a deceased person) is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of a share of the net income of the trust estate to which a beneficiary under the age of 16 years on the last day of the year of income is presently entitled; and
(b) the amount of that share of the net income exceeds $1,040 but does not exceed $3,124,
the amount of tax payable by the trustee under sub-section 6B (4) in respect of that share of the net income shall not exceed 20 per centum of the amount by which the amount of that share exceeds $1,040, less any rebate or credit to which the trustee is entitled.(3) Where-
(a) the trustee of a trust estate is liable to be assessed under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;
(b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and
(c) the net income or that part of the net income of the trust estate does not exceed $416,
no tax is payable under sub-section 6B (4) in respect of that net income or that part of the net income, as the case may be.(4) Where-
(a) the trustee of a trust estate is liable to be assessed and to pay tax under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;
(b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and
(c) the net income or that part of the net income of the trust estate exceeds $416 but does not exceed $832,
the amount of tax payable by the trustee under sub-section 6B (4) in respect of that net income or that part of the net income shall not exceed 50 per centum of the amount by which that net income or that part of the net income, as the case may be, exceeds $416, less any rebate or credit to which the trustee is entitled.
INCOME TAX (RATES) ACT 1976 - PART IV
PART IV-FINANCIAL YEAR COMMENCING ON 1 JULY 1978Part IV inserted by No. 128, 1977, s. 8; heading substituted by No. 124, 1978, s. 3
INCOME TAX (RATES) ACT 1976 - SECT 6D
Application of Part IVSubstituted by No. 124, 1978, s. 4
SECT
6D. The rates of tax declared by this Part, and the notional rates declared by this Part for the purposes of section 156 of the Assessment Act, apply for the financial year that commenced on 1 July 1978.
INCOME TAX (RATES) ACT 1976 - SECT 6E
Rates of tax and notional ratesInserted by No. 128, 1977, s. 8
SECT
6E. (1) Except as otherwise provided by this Part, the rates of tax are as set out in Schedule 9. Substituted by No. 124, 1978, s. 5
SECT
(2) The notional rates for the purposes of section 156 of the Assessment Act are as set out in Schedule 10. (3) The rate of tax in respect of a taxable income in any case where section 59AB, 86 or 158D of the Assessment Act applies is as set out in Schedule 11.
(4) The rates of tax payable by a trustee in pursuance of section 98 or 99 of the Assessment Act are as set out in Schedule 12.
Substituted by No. 124, 1978, s. 5
SECT
(5) The rate of further tax payable by a person in pursuance of sub-section 94 (9) of the Assessment Act is-
(a) in respect of the part of the taxable income of the person that is the relevant part of that taxable income for the purposes of sub-sections 94 (10A) and (10B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the taxable income of the person;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the person is entitled, would be payable by the person in respect of his taxable income; and
c is the number of whole dollars in the taxable income of the person; and
(b) in respect of the part of the taxable income of the person that is the prescribed part of that taxable income for the purposes of sub-section 94 (10B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the taxable income of the person;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the person is entitled, would be payable by the person in respect of his taxable income if the notional rates declared by this Part for the purposes of section 156 of the Assessment Act were the rates of tax payable by that person on his taxable income; and
c is the number of whole dollars in the taxable income of the person.Substituted by No. 124, 1978, s. 5
SECT
(6) The rate of further tax payable by a trustee in pursuance of sub-section 94 (11) or (12) of the Assessment Act is-
(a) in respect of the part of the net income of the trust estate that is the relevant part of that net income for the purposes of sub-sections 94 (12A) and (12B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the trustee is entitled, would be payable by the trustee in respect of that net income; and
c is the number of whole dollars in that net income; and
(b) in respect of the part of the net income of the trust estate that is the prescribed part of that net income for the purposes of sub-section 94 (12B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the trustee is entitled, would be payable by the trustee in respect of that net income if the notional rates declared by this Part for the purposes of section 156 of the Assessment Act were the rates of tax payable by the trustee in respect of that net income; and
c is the number of whole dollars in that net income.Amended by No. 124, 1978, s. 5
SECT
(7) The rate of tax payable by a trustee in respect of the net income of the trust estate in respect of which the trustee is liable, in pursuance of section 99A of the Assessment Act, to be assessed and to pay tax is 61.5 per centum.
INCOME TAX (RATES) ACT 1976 - SECT 6F
Limitation on tax payable by certain trusteesInserted by No. 128, 1977, s. 8
SECT
6F. (1) Subject to section 7A, where-
(a) the trustee of a trust estate (other than the estate of a deceased person) is liable to be assessed under section 98 of the Assessment Act in respect of a share of the net income of the trust estate to which a beneficiary under the age of 16 years on the last day of the year of income is presently entitled; and
(b) the amount of that share of the net income does not exceed $1,040,
no tax is payable under sub-section 6E (4) in respect of that share of the net income.Amended by No. 124, 1978, s. 6
SECT
(2) Subject to section 7A, where-
(a) the trustee of a trust estate (other than the estate of a deceased person) is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of a share of the net income of the trust estate to which a beneficiary under the age of 16 years on the last day of the year of income is presently entitled; and
(b) the amount of that share of the net income exceeds $1,040 but does not exceed $3,151,
the amount of tax payable by the trustee under sub-section 6E (4) in respect of that share of the net income shall not exceed 50 per centum of the amount by which the amount of that share exceeds $1,040, less any rebate or credit to which the trustee is entitled.(3) Where-
(a) the trustee of a trust estate is liable to be assessed under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;
(b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and
(c) the net income or that part of the net income of the trust estate does not exceed $416,
no tax is payable under sub-section 6E (4) in respect of that net income or that part of the net income, as the case may be.Amended by No. 124, 1978, s. 6
SECT
(4) Where-
(a) the trustee of a trust estate is liable to be assessed and to pay tax under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;
(b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and
(c) the net income or that part of the net income of the trust estate exceeds $416 but does not exceed $1,260,
the amount of tax payable by the trustee under sub-section 6E (4) in respect of that net income or that part of the net income shall not exceed 50 per centum of the amount by which that net income or that part of the net income, as the case may be, exceeds $416, less any rebate or credit to which the trustee is entitled.
INCOME TAX (RATES) ACT 1976 - PART IVA
PART IVA-FINANCIAL YEAR COMMENCING ON 1 JULY 1979Part IVA inserted by No. 124, 1978, s. 7; heading substituted by No. 150, 1979, s. 4
INCOME TAX (RATES) ACT 1976 - SECT 6G
Application of Part IVASubstituted by No. 150, 1979, s. 5
SECT
6G. The rates of tax declared by this Part, and the notional rates declared by this Part for the purposes of section 156 of the Assessment Act, apply for the financial year that commenced on 1 July 1979.
INCOME TAX (RATES) ACT 1976 - SECT 6H
Rates of tax and notional ratesInserted by No. 124, 1978, s. 7
SECT
6H. (1) Except as otherwise provided by this Part, the rates of tax are as set out in Schedule 13. (2) The notional rates for the purposes of section 156 of the Assessment Act are as set out in Schedule 14.
Amended by No. 22, 1980, s. 4
SECT
(3) Subject to section 6HA, the rate of tax in respect of a taxable income in any case where section 59AB, 86 or 158D of the Assessment Act applies is as set out in Schedule 15. Amended by No. 22, 1980, s. 4
SECT
(4) Subject to section 6HA, the rates of tax payable by a trustee in pursuance of section 98 or 99 of the Assessment Act are as set out in Schedule 16. (5) The rate of further tax payable by a person in pursuance of sub-section 94 (9) of the Assessment Act is-
(a) in respect of the part of the taxable income of the person that is the relevant part of that taxable income for the purposes of sub-sections 94 (10A) and (10B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
a
a is an amount equal to one-half of the taxable income of the person;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the person is entitled, would be payable by the person in respect of his taxable income; and
c is the number of whole dollars in the taxable income of the person; and
(b) in respect of the part of the taxable income of the person that is the prescribed part of that taxable income for the purposes of sub-section 94 (10B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the taxable income of the person;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the person is entitled, would be payable by the person in respect of his taxable income if the notional rates declared by this Part for the purposes of section 156 of the Assessment Act were the rates of tax payable by that person on his taxable income; and
c is the number of whole dollars in the taxable income of the person.
(6) The rate of further tax payable by a trustee in pursuance of sub-section 94 (11) or (12) of the Assessment Act is-
(a) in respect of the part of the net income of the trust estate that is the relevant part of that net income for the purposes of sub-sections 94 (12A) and (12B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the trustee is entitled, would be payable by the trustee in respect of that net income; and
c is the number of whole dollars in that net income; and
(b) in respect of the part of the net income of the trust estate that is the prescribed part of that net income for the purposes of sub-section 94 (12B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the trustee is entitled, would be payable by the trustee in respect of that net income if the notional rates declared by this Part for the purposes of section 156 of the Assessment Act were the rates of tax payable by the trustee in respect of that net income; and
c is the number of whole dollars in that net income.Amended by No. 150, 1979, s. 6
SECT
(7) The rate of tax payable by a trustee in respect of the net income of the trust estate in respect of which the trustee is liable, in pursuance of section 99A of the Assessment Act, to be assessed and to pay tax is 61.07%.
INCOME TAX (RATES) ACT 1976 - SECT 6HA
Rates of tax where Division 6AA of Part III of the Assessment Act appliesInserted by No. 22, 1980, s. 5
SECT
6HA. (1) The rates of tax in respect of the taxable income of a person-
(a) who is a prescribed person in relation to the year of income for the purposes of Division 6AA of Part III of the Assessment Act; and
(b) who has, for the purposes of that Division, an eligible taxable income of an amount exceeding $1,040,
are as set out in Schedule 16A.(2) Where the eligible taxable income of a taxpayer for the purposes of Division 6AA of Part III of the Assessment Act exceeds $1,040 but does not exceed $3,625, the amount of tax payable under sub-section (1) in respect of that eligible taxable income shall not exceed-
(a) 66% of the amount by which that eligible taxable income exceeds $1,040; or
(b) the amount ascertained by deducting from the amount of the tax that would be payable by the taxpayer if the rates set out in Schedule 13 or 15, as the case requires, were applied to the taxable income of the taxpayer the amount of tax that would be payable by the taxpayer if those rates were applied to the taxable income of the taxpayer reduced by the amount of that eligible taxable income,
whichever is the greater.(3) Where-
(a) a trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a beneficiary of the net income of the trust estate;
(b) Division 6AA of Part III of the Assessment Act applies to a part of that share; and
(c) the part of that share to which that Division applies exceeds $1,040,
the rates of tax payable by the trustee in respect of that share of the net income of the trust estate are as set out in Schedule 16B.(4) Where-
(a) a trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a beneficiary of the net income of the trust estate;
(b) Division 6AA of Part III of the Assessment Act applies to a part of that share;
(c) the part of that share to which that Division applies does not exceed $1,040;
(d) Division 6AA of Part III of the Assessment Act also applies to a part of the share of the beneficiary of the net income of another trust estate or to parts of the shares of the beneficiary of the net incomes of other trust estates; and
(e) the sum of the part referred to in paragraph (b) and the part or parts referred to in paragraph (d) exceeds $1,040,
the trustee of the trust estate referred to in paragraph (a) is liable to pay tax in respect of the share of the net income of the trust estate referred to in that paragraph at the rates set out in Schedule 16B.(5) Where-
(a) the amount of tax that a trustee of a trust estate is liable to pay in respect of the share of a beneficiary of the net income of the trust estate is, by virtue of sub-section (4), to be calculated in accordance with Schedule 16B; and
(b) the sum of-
(i) the part of that share to which Division 6AA of Part III of the Assessment Act applies; and
(ii) the part of the share of the beneficiary of the net income of the other trust estate or the parts of the shares of the beneficiary of the net incomes of the other trust estates, as the case may be, to which that Division applies,
does not exceed $3,625,
the tax that, apart from this sub-section, would be payable by the trustee in respect of the share referred to in paragraph (a) shall be reduced by such amount (if any) as, in the opinion of the Commissioner, is fair and reasonable.(6) Subject to sub-section (7), where-
(a) the trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a beneficiary of the net income of the trust estate;
(b) Division 6AA of Part III of the Assessment Act applies to a part (in this sub-section referred to as the "eligible part") of that share; and
(c) the eligible part of that share exceeds $1,040 but does not exceed $3,625,
the amount of tax payable under sub-section (3) in respect of the eligible part of that share shall not exceed-
(d) 66% of the amount by which the eligible part of that share exceeds $1,040; or
(e) the amount ascertained by deducting from the amount of tax that would be payable by the trustee if the rates referred to in Schedule 16 were applied to that share of that net income the amount of tax that would be payable by the trustee if those rates were applied to that share of that net income reduced by the amount of the eligible part of that share,
whichever is the greater.(7) Sub-section (6) does not apply in relation to the share of a beneficiary of the net income of a trust estate if Division 6AA of Part III of the Assessment Act applies to a part of a share of the beneficiary of the net income of another trust estate or to parts of the shares of the beneficiary of the net incomes of other trust estates.
(8) Where-
(a) by reason of the application of sub-section (7), sub-section (6) does not apply in relation to the share of a beneficiary of the net income of a trust estate in respect of which a trustee is liable to be assessed and to pay tax in pursuance of section 98 of the Assessment Act; and
(b) the sum of-
(i) the part of that share to which Division 6AA of Part III of the Assessment Act applies; and
(ii) the part of the share of the beneficiary of the net income of the other trust estate or the parts of the shares of the beneficiary of the net incomes of the other trust estates, as the case may be, to which that Division applies,
does not exceed $3,625,
the tax that, apart from this sub-section, would be payable by the trustee in respect of the share referred to in paragraph (a) shall be reduced by such amount (if any) as, in the opinion of the Commissioner, is fair and reasonable.(9) In forming an opinion for the purposes of sub-section (5) or (8) (in this sub-section referred to as the "relevant sub-section") in relation to the share of a beneficiary of the net income of a trust estate of a year of income, the Commissioner shall have regard to-
(a) any limitation that would be applicable under sub-section (6) on the amount of tax that would be payable by a trustee in accordance with Schedule 16B in respect of a share of the net income of a trust estate of the year of income of an amount equal to the sum of the shares referred to in paragraph (b) of the relevant sub-section if-
(i) Division 6AA of Part III of the Assessment Act applied to so much of that share as is equal to the sum of the parts of the shares referred to in paragraph (b) of the relevant sub-section; and
(ii) that share were a share of a beneficiary who is not presently entitled to a share of the income of the year of income of any other trust estate;
(b) the amount of any reduction previously granted by the Commissioner, in pursuance of sub-section (5) or (8), in relation to the share of the beneficiary of the net income of the year of income of any other trust estate; and
(c) such other matters (if any) as he thinks fit.
INCOME TAX (RATES) ACT 1976 - SECT 6J Limitation on tax payable by certain trustees Inserted by No. 124, 1978, s. 7 Sub-sections (1) and (2) omitted by No. 22, 1980, s. 6
SECT
6J. * * * * * * *
(3) Where-
(a) the trustee of a trust estate is liable to be assessed under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;
(b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and
(c) the net income or that part of the net income of the trust estate does not exceed $416,
no tax is payable under sub-section 6H (4) in respect of that net income or that part of the net income, as the case may be.Amended by No. 150, 1979, s. 7
SECT
(4) Where-
(a) the trustee of a trust estate is liable to be assessed and to pay tax under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;
(b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and
(c) the net income or that part of the net income of the trust estate exceeds $416 but does not exceed $1,228,
the amount of tax payable by the trustee under sub-section 6H (4) in respect of that net income or that part of the net income shall not exceed 50% of the amount by which that net income or that part of the net income, as the case may be, exceeds $416, less any rebate or credit to which the trustee is entitled.
INCOME TAX (RATES) ACT 1976 - PART IVB
PART IVB-FINANCIAL YEAR COMMENCING ON 1 JULY 1980 AND SUBSEQUENT
FINANCIAL YEARSPart IVB inserted by No. 150, 1979, s. 8
INCOME TAX (RATES) ACT 1976 - SECT 6K
Application of Part IVBInserted by No. 150, 1979, s. 8
SECT
6K. The rates of tax declared by this Part, and the notional rates declared by this Part for the purposes of section 156 of the Assessment Act, apply for the financial year commencing on 1 July 1980 and for all subsequent financial years.
INCOME TAX (RATES) ACT 1976 - SECT 6L
Rates of tax and notional ratesInserted by No. 150, 1979, s. 8
SECT
6L. (1) Except as otherwise provided by this Part, the rates of tax are as set out in Schedule 17. (2) The notional rates for the purposes of section 156 of the Assessment Act are as set out in Schedule 18.
Amended by No. 22, 1980, s. 7
SECT
(3) Subject to section 6LA, the rate of tax in respect of a taxable income in any case where section 59AB, 86 or 158D of the Assessment Act applies is as set out in Schedule 19. Amended by No. 22, 1980, s. 7
SECT
(4) Subject to section 6LA, the rates of tax payable by a trustee in pursuance of section 98 or 99 of the Assessment Act are as set out in Schedule 20. (5) The rate of further tax payable by a person in pursuance of sub-section 94 (9) of the Assessment Act is-
(a) in respect of the part of the taxable income of the person that is the relevant part of that taxable income for the purposes of sub-sections 94 (10A) and (10B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the taxable income of the person;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the person is entitled, would be payable by the person in respect of his taxable income; and
c is the number of whole dollars in the taxable income of the person; and
(b) in respect of the part of the taxable income of the person that is the prescribed part of that taxable income for the purposes of sub-section 94 (10B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the taxable income of the person;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the person is entitled, would be payable by the person in respect of his taxable income if the notional rates declared by this Part for the purposes of section 156 of the Assessment Act were the rates of tax payable by that person on his taxable income; and
c is the number of whole dollars in the taxable income of the person.
(6) The rate of further tax payable by a trustee in pursuance of sub-section 94 (11) or (12) of the Assessment Act is-
(a) in respect of the part of the net income of the trust estate that is the relevant part of that net income for the purposes of sub-sections 94 (12A) and (12B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the trustee is entitled, would be payable by the trustee in respect of that net income; and
c is the number of whole dollars in that net income; and
(b) in respect of the part of the net income of the trust estate that is the prescribed part of that net income for the purposes of sub-section 94 (12B) of the Assessment Act-the amount (if any) per dollar ascertained in accordance with the formula
a - b
-----, where-
c
a is an amount equal to one-half of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act;
b is the amount of tax (if any) that, but for this sub-section and but for any rebate or credit to which the trustee is entitled, would be payable by the trustee in respect of that net income if the notional rates declared by this Part for the purposes of section 156 of the Assessment Act were the rates of tax payable by the trustee in respect of that net income; and
c is the number of whole dollars in that net income.
(7) The rate of tax payable by a trustee in respect of the net income of the trust estate in respect of which the trustee is liable, in pursuance of section 99A of the Assessment Act, to be assessed and to pay tax is 60%.
INCOME TAX (RATES) ACT 1976 - SECT 6LA
Rates of tax where Division 6AA of Part III of the Assessment Act appliesInserted by No. 22, 1980, s. 8
SECT
6LA. (1) The rates of tax in respect of the taxable income of a person-
(a) who is a prescribed person in relation to the year of income for the purposes of Division 6AA of Part III of the Assessment Act; and
(b) who has, for the purposes of that Division, an eligible taxable income of an amount exceeding $1,040,
are as set out in Schedule 21.(2) Where the eligible taxable income of a taxpayer for the purposes of Division 6AA of Part III of the Assessment Act exceeds $1,040 but does not exceed $3,432, the amount of tax payable under sub-section (1) in respect of that eligible taxable income shall not exceed-
(a) 66% of the amount by which that eligible taxable income exceeds $1,040; or
(b) the amount ascertained by deducting from the amount of the tax that would be payable by the taxpayer if the rates set out in Schedule 17 or 19, as the case requires, were applied to the taxable income of the taxpayer the amount of tax that would be payable by the taxpayer if those rates were applied to the taxable income of the taxpayer reduced by the amount of that eligible taxable income,
whichever is the greater.(3) Where-
(a) a trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a beneficiary of the net income of the trust estate;
(b) Division 6AA of Part III of the Assessment Act applies to a part of that share; and
(c) the part of that share to which that Division applies exceeds $1,040,
the rates of tax payable by the trustee in respect of that share of the net income of the trust estate are as set out in Schedule 22.(4) Where-
(a) a trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a beneficiary of the net income of the trust estate;
(b) Division 6AA of Part III of the Assessment Act applies to a part of that share;
(c) the part of that share to which that Division applies does not exceed $1,040;
(d) Division 6AA of Part III of the Assessment Act also applies to a part of the share of the beneficiary of the net income of another trust estate or to parts of the shares of the beneficiary of the net incomes of other trust estates; and
(e) the sum of the part referred to in paragraph (b) and the part or parts referred to in paragraph (d) exceeds $1,040,
the trustee of the trust estate referred to in paragraph (a) is liable to pay tax in respect of the share of the net income of the trust estate referred to in that paragraph at the rates set out in Schedule 22.(5) Where-
(a) the amount of tax that a trustee of a trust estate is liable to pay in respect of the share of a beneficiary of the net income of the trust estate is, by virtue of sub-section (4), to be calculated in accordance with Schedule 22; and
(b) the sum of-
(i) the part of that share to which Division 6AA of Part III of the Assessment Act applies; and
(ii) the part of the share of the beneficiary of the net income of the other trust estate or the parts of the shares of the beneficiary of the net incomes of the other trust estates, as the case may be, to which that Division applies,
does not exceed $3,432,
the tax that, apart from this sub-section, would be payable by the trustee in respect of the share referred to in paragraph (a) shall be reduced by such amount (if any) as, in the opinion of the Commissioner, is fair and reasonable.(6) Subject to sub-section (7), where-
(a) the trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a beneficiary of the net income of the trust estate;
(b) Division 6AA of Part III of the Assessment Act applies to a part (in this sub-section referred to as the "eligible part") of that share; and
(c) the eligible part of that share exceeds $1,040 but does not exceed $3,432,
the amount of tax payable under sub-section (3) in respect of the eligible part of that share shall not exceed-
(d) 66% of the amount by which the eligible part of that share exceeds $1,040; or
(e) the amount ascertained by deducting from the amount of tax that would be payable by the trustee if the rates referred to in Schedule 20 were applied to that share of that net income the amount of tax that would be payable by the trustee if those rates were applied to that share of that net income reduced by the amount of the eligible part of that share,
whichever is the greater.(7) Sub-section (6) does not apply in relation to the share of a beneficiary of the net income of a trust estate if Division 6AA of Part III of the Assessment Act applies to a part of a share of the beneficiary of the net income of another trust estate or to parts of the shares of the beneficiary of the net incomes of other trust estates.
(8) Where-
(a) by reason of the application of sub-section (7), sub-section (6) does not apply in relation to the share of a beneficiary of the net income of a trust estate in respect of which a trustee is liable to be assessed and to pay tax in pursuance of section 98 of the Assessment Act; and
(b) the sum of-
(i) the part of that share to which Division 6AA of Part III of the Assessment Act applies; and
(ii) the part of the share of the beneficiary of the net income of the other trust estate or the parts of the shares of the beneficiary of the net incomes of the other trust estates, as the case may be, to which that Division applies,
does not exceed $3,432,
the tax that, apart from this sub-section, would be payable by the trustee in respect of the share referred to in paragraph (a) shall be reduced by such amount (if any) as, in the opinion of the Commissioner, is fair and reasonable.(9) In forming an opinion for the purposes of sub-section (5) or (8) (in this sub-section referred to as the "relevant sub-section") in relation to the share of a beneficiary of the net income of a trust estate of a year of income, the Commissioner shall have regard to-
(a) any limitation that would be applicable under sub-section (6) on the amount of tax that would be payable by a trustee in accordance with Schedule 22 in respect of a share of the net income of a trust estate of the year of income of an amount equal to the sum of the shares referred to in paragraph (b) of the relevant sub-section if-
(i) Division 6AA of Part III of the Assessment Act applied to so much of that share as is equal to the sum of the parts of the shares referred to in paragraph (b) of the relevant sub-section; and
(ii) that share were a share of a beneficiary who is not presently entitled to a share of the income of the year of income of any other trust estate;
(b) the amount of any reduction previously granted by the Commissioner, in pursuance of sub-section (5) or (8), in relation to the share of the beneficiary of the net income of the year of income of any other trust estate; and
(c) such other matters (if any) as he thinks fit.
INCOME TAX (RATES) ACT 1976 - SECT 6M
Limitation on tax payable by certain trusteesInserted by No. 150, 1979, s. 8 Sub-sections (1) and (2) omitted by No. 22, 1980, s. 9
SECT
6M. * * * * * * *
(3) Where-
(a) the trustee of a trust estate is liable to be assessed under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;
(b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and
(c) the net income or that part of the net income of the trust estate does not exceed $416,
no tax is payable under sub-section 6L (4) in respect of that net income or that part of the net income, as the case may be.(4) Where-
(a) the trustee of a trust estate is liable to be assessed and to pay tax under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate;
(b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and
(c) the net income or that part of the net income of the trust estate exceeds $416 but does not exceed $1,155,
the amount of tax payable by the trustee under sub-section 6L (4) in respect of that net income or that part of the net income shall not exceed 50% of the amount by which that net income or that part of the net income, as the case may be, exceeds $416, less any rebate or credit to which the trustee is entitled.
INCOME TAX (RATES) ACT 1976 - PART V
PART V-MISCELLANEOUSHeading inserted by No. 128, 1977, s. 9
INCOME TAX (RATES) ACT 1976 - SECT 7
Adjustment where amount to be paid by, or refunded to, taxpayer would not
exceed 49 centsSECT
7. (1) This section applies for the purposes of the making of an assessment of tax (other than further tax payable in pursuance of sub-section 94 (9), (11) or (12) of the Assessment Act) in respect of the income of a taxpayer of a year of income where, upon the making of the assessment and the serving of notice of the assessment upon the taxpayer, there would, but for this section, be a net amount of not more than 49 cents payable by the Commissioner to the taxpayer, or by the taxpayer to the Commissioner, under the law relating to income tax, after taking into account all liabilities of the taxpayer, and all rebates and credits allowable to the taxpayer, under that law. (2) Where this section applies in relation to the making of an assessment-
(a) if the amount of not more than 49 cents would be an amount payable to the taxpayer-additional tax equal to that amount is imposed by this Act in respect of the income of the taxpayer of the year of income; and
(b) if the amount of not more than 49 cents would be an amount payable to the Commissioner-the amount that, but for this section, would be the amount of income tax imposed in respect of the income of the taxpayer of the year of income, before the allowance of any rebates to which the taxpayer is entitled, is reduced by so much of that amount of not more than 49 cents as does not exceed the amount calculated by deducting the amount of any such rebates from the sum of the amount that is to be so reduced and any amount of further tax payable by the taxpayer in respect of that year of income in pursuance of sub-section 94 (9), (11) or (12) of the Assessment Act.
(3) A reference in this section to a liability of the taxpayer shall be read as including a reference to a liability in respect of income tax or provisional tax notified to the taxpayer by the Commissioner, notwithstanding that the amount of the liability has not become due and payable.
(4) For the purposes of any calculation under the law relating to income tax that depends upon the amount of tax paid or payable by, or assessed in respect of the income of, a taxpayer, the tax assessed and payable under an assessment in relation to which this section applies shall be deemed to be the tax that would have been so assessed and payable if this section had not applied.
INCOME TAX (RATES) ACT 1976 - SECT 7A
Operation of sections 6C and 6FInserted by No. 128, 1977, s. 10 Sub-section (1) amended by No. 124, 1978, s. 8; No. 150, 1979, s. 9; No. 22, 1980, s. 10
SECT
7A. (1) Subject to sub-section (2) of this section, sub-section 6C (1) or (2) or sub-section 6F (1) or (2) does not apply in relation to a trustee of a trust estate who is liable to be assessed and to pay tax in pursuance of section 98 of the Assessment Act in respect of the share of the net income to which a beneficiary under the age of 16 years on the last day of the year of income is presently entitled if-
(a) the beneficiary was presently entitled to a share of the net income of the year of income of one or more other trust estates of the kind referred to in paragraph (a) of that sub-section; and
(b) the sum of the amounts of the shares of the beneficiary of the net incomes of the first-mentioned trust estate and that other trust estate or those other trust estates exceeds $1,040.(2) Sub-section (1) does not apply in relation to a share of the net income of a trust estate to which a beneficiary under the age of 16 years on the last day of the year of income is presently entitled if the Commissioner is of the opinion that it would be unreasonable that that sub-section should apply in relation to that share of the net income.
(3) In forming an opinion for the purposes of sub-section (2) in relation to the share of the net income of a trust estate to which a beneficiary under the age of 16 years on the last day of the year of income is presently entitled-
(a) the Commissioner shall have regard to the circumstances in which and the conditions (if any) upon which, at any time, property (including money) was acquired by or lent to the trust estate, income was derived by the trust estate, benefits were conferred on the trust estate or special rights or privileges were conferred on or attached to property of the trust estate, whether or not the rights or privileges have been exercised;
(b) if a person who has, at any time, directly or indirectly-
(i) transferred or lent any property (including money) to, or conferred any benefits on, the trust estate; or
(ii) conferred or attached any special right or privilege, or done any act or thing, either alone or together with another person or other persons, that has resulted in the conferring or attaching of any special right or privilege, on or to property of the trust estate, whether or not the right or privilege has been exercised,
has not, at any time, directly or indirectly-
(iii) transferred or lent any property (including money) to, or conferred any benefits on, another trust estate being a trust estate in which the beneficiary is or was a beneficiary; or
(iv) conferred or attached any special right or privilege, or done any act or thing, either alone or together with another person or other persons, that has resulted in the conferring or attaching of any special right or privilege on or to property of another trust estate, being a trust estate in which the beneficiary is or was a beneficiary, whether or not the right or privilege has been exercised,
the Commissioner shall have regard to that fact;
(c) if, in relation to the year of income, the Commissioner has formed the opinion mentioned in sub-section (2) in relation to a share of the net income of another trust estate to which the beneficiary is presently entitled, the Commissioner shall have regard to the fact that he formed that opinion; and
(d) the Commissioner shall have regard to such other matters (if any) as he thinks fit.
INCOME TAX (RATES) ACT 1976 - SECT 8
Act to be deemed to be the Act declaring rates of income taxAmended by No. 128, 1977, s. 11
SECT
8. For the purposes of sub-section 160 (3) of the Assessment Act, this Act shall be deemed to be the Act declaring the rates of income tax payable for the financial year commencing on 1 July 1976 and for all subsequent financial years.
INCOME TAX (RATES) ACT 1976 - SECT 9
IndexationSub-section (1) amended by No. 42, 1977, s. 3; No. 128, 1977, s. 12; No. 124, 1978, s. 9; No. 150, 1979, s. 10; No. 22, 1980, s. 11
SECT
9. (1) In this section-
"index number", in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 6 State capital cities, published by the Australian Statistician in respect of that quarter;
"relevant amount" means any of the amounts specified in Column 1 of the table in Schedule 17, the amount of $3,893 specified in paragraph 3 (a) and in paragraph 3 (b) of Part II of Schedule 18, any of the amounts specified in sub-paragraph 2 (b) (ii) of Part III of Schedule 18, any of the amounts specified in paragraph 2 (b) of Schedule 20, the amounts of $33,216 specified in paragraph (b) of Schedule 21 and the amounts of $33,216 specified in paragraph (b) of Schedule 22;
"relevant year of income" means the year of income commencing on 1 July 1980 or a subsequent year of income.
Substituted by No. 150, 1979, s. 10
SECT
(2) Where, in relation to a relevant year of income, being a year of income in relation to which the factor ascertained in accordance with sub-section (3) is greater than 1, there is in operation, at a particular time, a provision of an Act declaring that relevant year of income to be a prescribed year of income for the purposes of this section, this Act shall be deemed to have effect, in relation to any assessment made at that time in relation to that relevant year of income, as if for each relevant amount there were deemed to be substituted an amount calculated by multiplying-
(a) in a case to which paragraph (b) does not apply-the relevant amount; or
(b) if, by virtue of the application of this section, this Act was deemed to have effect in relation to the year of income that last preceded the relevant year of income concerned as if another amount were deemed to be substituted for the relevant amount-the amount that, for the purposes of this Act, was deemed to be substituted for the relevant amount by the application of this section in relation to the year of income that last preceded the relevant year of income concerned,
by the factor ascertained in accordance with sub-section (3) in relation to the relevant year of income concerned or, where a lesser factor is prescribed by regulations made under sub-section (4) in relation to the relevant year of income concerned, by that lesser factor.Inserted by No. 150, 1979, s. 10
SECT
(2A) Where-
(a) in relation to a relevant year of income, this Act is not deemed, at a particular time, to have effect in accordance with sub-section (2); and
(b) by virtue of the application of this section, this Act was deemed to have effect in relation to the year of income that last preceded the relevant year of income concerned as if another amount were deemed to be substituted for a relevant amount,
this Act shall be deemed to have effect, in relation to any assessment made at that time in relation to the relevant year of income concerned, as if for that relevant amount there were deemed to be substituted the amount that was, for the purposes of this Act, deemed to be substituted for that relevant amount by the application of this section in relation to the year of income that last preceded the relevant year of income concerned.Inserted by No. 150, 1979, s. 10
SECT
(2B) For the purposes of the application of sub-section (2) or (2A) in relation to a relevant year of income, a reference in that sub-section to the amount that was deemed to be substituted for a relevant amount by the application of this section in relation to the year of income that last preceded the relevant year of income shall, in a case where, in relation to the year of income that last preceded the relevant year of income, an amount was deemed by sub-section (2) to be substituted for that relevant amount and an amount was also deemed by sub-section (2A) to be substituted for that relevant amount, be read as a reference to the amount that was deemed by sub-section (2) to be substituted for that relevant amount. Amended by No. 42, 1977, s. 3
SECT
(3) The factor to be ascertained for the purposes of sub-section (2) in relation to the relevant year of income is the number (calculated to 3 decimal places) ascertained, as at the date on which the index number for the March quarter immediately preceding that relevant year of income was first published, by dividing the sum of-
(a) the index number in respect of the March quarter immediately preceding that relevant year of income; and
(b) the index numbers in respect of the 3 quarters that immediately preceded that quarter,
by the sum of-
(c) the index number in respect of the March quarter immediately preceding the year of income that next preceded that relevant year of income; and
(d) the index numbers in respect of the 3 quarters that immediately preceded that last-mentioned quarter.
Inserted by No. 42, 1977, s. 3
SECT
(3A) Subject to sub-section (3B), if at any time, whether before or after the commencement of this sub-section, the Australian Statistician has published or publishes an index number in respect of a quarter in substitution for an index number previously published by him in respect of that quarter, the publication of the later index number shall be disregarded for the purposes of this section. Inserted by No. 42, 1977, s. 3
SECT
(3B) If at any time, whether before or after the commencement of this sub-section, the Australian Statistician has changed or changes the reference base for the Consumer Price Index, then, for the purposes of the application of this section after the change took place or takes place, regard shall be had only to index numbers published in terms of the new reference base. Inserted by No. 42, 1977, s. 3
SECT
(3C) Where the factor ascertained in accordance with sub-section (3) in relation to a relevant year of income would, if it were calculated to 4 decimal places, end with a number greater than 4, the factor ascertained in accordance with that sub-section in relation to that relevant year of income shall be taken to be the factor calculated to 3 decimal places in accordance with that sub-section and increased by 0.001. (4) The Governor-General may make regulations prescribing, in relation to a relevant year of income, a factor (not being a factor less than 1) for the purposes of sub-section (2).
Amended by No. 42, 1977, s. 3; No. 43, 1979, s. 3; No. 150, 1979, s. 10; No. 59, 1980, s. 3
SECT
(5) In making regulations prescribing a factor in relation to a relevant year of income, the Governor-General shall have regard to-
(a) whether any factor ascertained in accordance with sub-section (3) in relation to a year of income preceding that relevant year of income was less than 1;
(b) the extent (if any) that the factor ascertained in accordance with sub-section (3) in relation to that relevant year of income was contributed to by indirect taxes; and
(c) the extent (if any) that the factor ascertained in accordance with sub-section (3) in relation to that relevant year of income was greater than it would have been but for the effects on the index number in relation to any quarter of-
(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.
Substituted by No. 150, 1979, s. 10
SECT
(6) Where-
(a) a provision of an Act that declares a relevant year of income to be a prescribed year of income for the purposes of this section comes into operation; and
(b) at the time when that provision comes into operation there is no regulation in force made under sub-section (4) in relation to that relevant year of income,
the Treasurer shall, as soon as practicable after that provision comes into operation, cause to be published in the Gazette the factor ascertained in accordance with sub-section (3) in relation to that relevant year of income.(7) Where, but for this sub-section, this Act would, by virtue of the preceding provisions of this section, have effect in relation to a relevant year of income as if for a relevant amount there were substituted another amount that consists of a number of whole dollars and a number of cents (in this sub-section referred to as the "relevant number of cents")-
(a) in the case where the relevant number of cents is less than 50-the other amount shall be reduced by the relevant number of cents; or
(b) in any other case-the other amount shall be increased by the amount by which the relevant number of cents is less than $1.Omitted by No. 124, 1978, s. 9; added by No. 59, 1980, s. 3
SECT
(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.
Omitted by No. 124, 1978, s. 9; added by No. 59, 1980, s. 3
SECT
(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. -----------
Sub-section (10) omitted by No. 124, 1978, s. 9
* * * * * * * *
Section 10 repealed by No. 128, 1977, s. 13
* * * * * * * *
INCOME TAX (RATES) ACT 1976 - SCHEDULE 1 Schedule 1 amended by No. 128, 1977, s. 14
SCH
SCHEDULE 1
Sub-section 5 (1)
GENERAL RATES OF TAX-FINANCIAL YEAR 1976-77
The rate of tax in respect of each part of the taxable income specified in
column 1 of the following table is the rate per centum set out in column 2 of
that table opposite to the reference to that part of the taxable income:
--------------------------------------------------------------------------------
Column 1 Column 2
Rates
Parts of Taxable Income per centum
--------------------------------------------------------------------------------
The part of the taxable income that
does not exceed $2,260 . . . . . . . . . . . . . . . . . . . . . . 20
exceeds $2,260 but does not exceed $5,650. . . . . . . . . . . . . 27
exceeds $5,650 but does not exceed $11,300 . . . . . . . . . . . . 35
exceeds $11,300 but does not exceed $16,950. . . . . . . . . . . . 45
exceeds $16,950 but does not exceed $22,600. . . . . . . . . . . . 55
exceeds $22,600 but does not exceed $28,250. . . . . . . . . . . . 60
exceeds $28,250. . . . . . . . . . . . . . . . . . . . . . . . . . 65
--------------------------------------------------------------------------------
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 2 Amended by No. 128, 1977, s. 15
SCH
SCHEDULE 2
Sub-section 5 (2)
RATES OF TAX BY REFERENCE TO AN AVERAGE INCOME-FINANCIAL YEAR 1976-77
In the case of a taxpayer to whose income Division 16 of Part III of the
Assessment Act applies, the rates of tax are-
(a) for every $1 of so much of the taxable income as does not exceed $16,000-
(i) the amount ascertained by determining the tax that would be payable
if the rates set out in Schedule 1 were applied to a taxable income equal to his
average income and dividing the resultant amount by a number equal to the number
of whole dollars in that average income; or
(ii) the amount ascertained by determining the tax that would be payable
if the rates set out in Schedule 1 were applied to a taxable income equal to
$16,000 and dividing the resultant amount by 16,000,
whichever is the less; and
(b) for every $1 of the remainder of the taxable income, the amount
ascertained by deducting from the tax that would be payable if the rates set out
in Schedule 1 were applied to the total taxable income the amount ascertained by
determining the tax that would be payable if the rates set out in Schedule 1
were applied to a taxable income of $16,000 and dividing the resultant amount by
a number equal to the number of whole dollars in that remainder.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 3 Amended by No. 128, 1977, s. 16
SCH
SCHEDULE 3
Sub-section 5 (3)
RATE OF TAX BY REFERENCE TO A NOTIONAL INCOME-FINANCIAL YEAR 1976-77
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 tax that would be payable under
Schedule 1 upon a taxable income equal to his notional income by a number equal
to the number of whole dollars in that notional income.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 4 Amended by No. 128, 1977, s. 17
SCH
SCHEDULE 4
Sub-section 5 (4)
RATE OF TAX PAYABLE BY A TRUSTEE IN PURSUANCE OF SECTION 98 OR 99
OF THE ASSESSMENT ACT-FINANCIAL YEAR 1976-77
The rate of tax in respect of the net income of a trust estate in respect of
which a trustee is liable, in pursuance of section 98 or 99 of the Assessment
Act, to be assessed and to pay tax is the rate that would be payable under
Schedule 1, 2 or 3, as the case requires, if one individual were liable to be
assessed and to pay tax on that income as his taxable income.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 5 Added by No. 128, 1977, s. 18
SCH
SCHEDULE 5
Sub-section 6B (1)
GENERAL RATES OF TAX-FINANCIAL YEAR 1977-78
PART I-PRIMARY RATE
The rate of tax in respect of each part of the taxable income specified in
column 1 of the following table is 41.7 per centum of-
(a) if a rate is set out in column 2 of that table opposite to the reference
to that part of the taxable income but a rate is not set out in column 3 of that
table opposite to that reference-the rate so set out in column 2; and
(b) in any other case-the sum of the rate set out in column 2 and the rate
set out in column 3 of that table opposite to the reference to that part of the
taxable income:
-------------------------------------------------------------------------------------
Column 1 Column 2 Column 3
Rate Rate
per centum per centum (standard (surcharge) Parts of Taxable Income rate)
-------------------------------------------------------------------------------------
The part of the taxable income that-
exceeds $3,750 but does not exceed $16,000 . . . . . . 32 Nil
exceeds $16,000 but does not exceed $32,000. . . . . . 32 14
exceeds $32,000. . . . . . . . . . . . . . . . . . . . 32 28
-------------------------------------------------------------------------------------
PART II-ADDITIONAL RATE
In addition to the rate applicable under Part I in respect of the parts of the
taxable income referred to in that Part, the rate of tax in respect of each part
of the taxable income specified in column 1 of the following table is 58.3 per
centum of the rate per centum set out in column 2 of that table opposite to the
reference to that part of the taxable income:
-------------------------------------------------------------------------------------
Column 1 Column 2
Rate
Parts of Taxable Income per centum
-------------------------------------------------------------------------------------
The part of the taxable income that-
exceeds $3,402 but does not exceed $3,750. . . . . . . . . . . . . 46.313
exceeds $3,750 but does not exceed $6,266. . . . . . . . . . . . . 27
exceeds $6,266 but does not exceed $12,532 . . . . . . . . . . . . 35
exceeds $12,532 but does not exceed $18,798. . . . . . . . . . . . 45
exceeds $18,798 but does not exceed $25,063. . . . . . . . . . . . 55
exceeds $25,063 but does not exceed $31,329. . . . . . . . . . . . 60
exceeds $31,329. . . . . . . . . . . . . . . . . . . . . . . . . . 65
------------------------------------------------------------------------------------
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 6 Added by No. 128, 1977, s. 18
SCH
SCHEDULE 6
Sub-section 6B (2)
the trust estate, as the case may be; and
(b) Division 16 of Part III of the Assessment Act applies in
relation to that share, or in relation to that net income or that part of that net
income, as the case may be.
2. The notional rate in respect of income to which this Part applies is-
(a) in a case where the income is-
(i) a share of the net income of a trust estate in respect of which the
trustee is liable to be assessed and to pay tax in pursuance of section 98 of
the Assessment Act, being-
(A) a share of the net income of the estate of a deceased person; or
(B) a share of the net income of a trust estate (other than the estate
of a deceased person) to which a beneficiary who is not less than 16 years of
age on the last day of the year of income is presently entitled; or
(ii) the net income or a part of the net income of a trust estate in
respect of which the trustee is liable to be assessed and to pay tax in
pursuance of section 99 of the Assessment Act, being net income or a part
of the net income of the estate of a deceased person who died less than 3 years before
the end of the year of income,
the rate that would be calculated in accordance with Part I or Part II, as
the case requires, if that income were the taxable income of one individual and
were not income in respect of which a trustee is liable to be assessed and to
pay tax in pursuance of section 98 or 99 of the Assessment Act; and
(b) in any other case-the rate that would be calculated under Part I in
respect of a taxable income equal to the net income if-
(i) that income were the taxable income of one individual and were not
income in respect of which a trustee is liable to be assessed and to pay tax in
pursuance of section 98 or 99 of the Assessment Act; and
(ii) the reference in column 1 of the Table in Schedule 9 to the part of
the taxable income that exceeds $3,893 but does not exceed $16,608 were a
reference to the part of the taxable income that does not exceed $16,608.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 11 Added by No. 128, 1977, s. 18; amended by No. 124, 1978, s. 11
SCH
SCHEDULE 11
Sub-section 6E (3)
RATE OF TAX BY REFERENCE TO A NOTIONAL INCOME-
FINANCIAL YEAR 1978-79
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 amount of the tax that would be
payable under Schedule 9 upon a taxable income equal to his notional income by a
number equal to the number of whole dollars in that notional income.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 12 Added by No. 128, 1977, s. 18; amended by No. 124, 1978, s. 12
SCH
SCHEDULE 12
Sub-section 6E (4)
RATES OF TAX PAYABLE BY A TRUSTEE IN PURSUANCE OF SECTION 98 OR 99
OF THE ASSESSMENT ACT-FINANCIAL YEAR 1978-79
1. In the case of a trustee who is liable to be assessed and to pay tax-
(a) in pursuance of section 98 of the Assessment Act-
(i) in respect of a share of the net income of the estate of a deceased
person; or
(ii) in respect of a share of the net income of a trust estate, other than
the estate of a deceased person, to which a beneficiary not less than 16 years
of age on the last day of the year of income is presently entitled; or
(b) in pursuance of section 99 of the Assessment Act in respect of the net
income or a part of the net income of the estate of a deceased person who died
less than 3 years before the end of the year of income,
the rate of tax in respect of that share of the net income or that net income or
part of the net income is the rate that would be payable under Schedule 9 or 11,
as the case requires, if one individual were liable to be assessed and to pay
tax on that income as his taxable income.
2. In the case of a trustee who is liable to be assessed and to pay tax in
pursuance of section 98 or 99 of the Assessment Act in respect of the net income
of a trust estate, other than income to which clause 1 applies, the rate of tax
is the rate that would be payable under Schedule 9 or 11, as the case requires,
in respect of a taxable income equal to the net income if-
(a) one individual were liable to be assessed and to pay tax on that income;
and
(b) the reference in column 1 of the table in Schedule 9 to the part of the
taxable income that exceeds $3,893 but does not exceed $16,608 were a reference
to the part of the taxable income that does not exceed $16,608.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 13 Added by No. 124, 1978, s. 13; amended by No. 150, 1979, ss. 11 and 12
SCH
SCHEDULE 13
Sub-section 6H (1)
GENERAL RATES OF TAX-FINANCIAL YEAR 1979-80
The rate of tax in respect of each part of the taxable income specified in
column 1 of the following table is-
(a) if a rate is set out in column 2 of that table opposite to the reference
to that part of the taxable income but a rate is not set out in column 3 of that
table opposite to that reference-the rate so set out in column 2; and
(b) in any other case-the sum of the rate set out in column 2 and the rate
set out in column 3 of that table opposite to the reference to that part of the
taxable income:
--------------------------------------------------------------------------------
Column 1 Column 2 Column 3
Rate Rate
per centum per centum
(standard (surcharge)
Parts of Taxable Income rate)
--------------------------------------------------------------------------------
The part of the taxable income that-
exceeds $3,893 but does not exceed $16,608 . . . . . . 33.07 Nil
exceeds $16,608 but does not exceed $33,216. . . . . . 33.07 14
exceeds $33,216. . . . . . . . . . . . . . . . . . . . 33.07 28
--------------------------------------------------------------------------------
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 14 Added by No. 124, 1978, s. 13; amended by No. 150, 1979, ss. 13 and 14; No. 22, 1980, s. 12
SCH
SCHEDULE 14
Sub-section 6H (2)
NOTIONAL RATES FOR THE PURPOSES OF SECTION 156 OF THE ASSESSMENT
ACT-FINANCIAL YEAR 1979-80
PART I-NORMAL NOTIONAL RATE
1. This Part applies to the income of a taxpayer, other than income in respect
of which a trustee is liable to be assessed and to pay tax in pursuance of
section 98 or 99 of the Assessment Act, if-
(a) Division 16 of Part III of the Assessment Act applies in relation to that
income; and
(b) Part II of this Schedule does not apply to that income.
2. The notional rate in respect of income to which this Part applies is, for
every $1 of the taxable income, the amount ascertained by determining the tax
that would be payable if the rates set out in Schedule 13 were applied to a
taxable income equal to his average income and dividing the resultant amount by
a number equal to the number of whole dollars in that average income.
PART II-ALTERNATIVE NOTIONAL RATE FOR CERTAIN TAXPAYERS
1. This Part applies to the income of a taxpayer, other than income in respect
of which a trustee is liable to be assessed and to pay tax in pursuance of
section 98 or 99 of the Assessment Act, if-
(a) Division 16 of Part III of the Assessment Act applies in relation to that
income;
(b) Division 16 of Part III of the Assessment Act applied to the taxpayer for
the purposes of tax upon his taxable income of the year of income that commenced
on 1 July 1976 and for each of the next 2 succeeding years of income, or would
have so applied if he had had a taxable income in each of those years of income;
(c) the notional amount in relation to the year of income that commenced on 1
July 1977 was not more than the prescribed amount in relation to that year of
income;
(d) the notional amount in relation to the year of income that commenced on 1
July 1978 was not more than the prescribed amount in relation to that year of
income and the taxpayer was entitled to a rebate of tax in relation to that year
of income in his assessment under section 156 of the Assessment Act; and
(e) the notional amount in relation to the year of income that commenced on 1
July 1979 is less than the prescribed amount in relation to that year of income.
2. The notional rate in respect of income to which this Part applies is the
rate set out in clause 3.
3. The notional rate for every $1 of the taxable income is the amount
ascertained by dividing the sum of-
ab
(a) the amount ascertained in accordance with the --, where-
formula c
a is the number of whole dollars in that part of the taxable income
that does not exceed $16,000;
b is the amount equal to 33.07% of the amount (if any) by which the
amount that would be the average income if the amendments made by sections 12
and 13 of the Income Tax Assessment Amendment Act (No. 2) 1977
had not been made exceeds $3,893; and
c is the number equal to the number of whole dollars in the amount
that would be the average income if the amendments made by sections 12 and 13
of the Income Tax Assessment Amendment Act (No. 2) 1977 had not
been made; and
(b) the amount (if any) by which the amount of tax that would be payable if
the rates set out in Schedule 13 were applied to the whole of the
taxable income exceeds an amount equal to 33.07% of the amount by which
$16,000 exceeds $3,893, by a number equal to the number of whole dollars in
the taxable income.
4. For the purposes of this Part-
(a) the notional amount in relation to a year of income is-
(i) in the case of the year of income that commenced on 1 July 1977-the
amount of tax that would be payable in respect of the taxable income of that
year of income if the rates set out in Part II of Schedule 6 were applied to
that taxable income;
(ii) in the case of the year of income that commenced on 1 July 1978-the
amount of tax that would be payable in respect of the taxable income of that
year of income if the notional rate set out in clause 3 of Part II of Schedule
10 were the rate of tax payable on that taxable income; and
(iii) in the case of the year of income that commenced on 1 July 1979-the
amount of tax that would be payable in respect of the taxable income of the
year of income if the notional rate set out in clause 3 of this Part were the
rate of tax payable on that taxable income; and
(b) the prescribed amount in relation to a year of income is-
(i) in the case of the year of income that commenced on 1 July 1977-the
amount of tax that would be payable in respect of the taxable income of that
year of income if the rates set out in Part I of Schedule 6 were applied to
that taxable income;
(ii) in the case of the year of income that commenced on 1 July 1978-the
amount of tax that would be payable in respect of the taxable income of that
year of income if the notional rate set out in Part I of Schedule 10 were the
rate of tax payable on that taxable income; and
(iii) in the case of the year of income that commenced on 1 July 1979-the
amount of tax that would be payable in respect of the taxable income of the
year of income if the notional rate set out in Part I of this Schedule were the rate
of tax payable on that taxable income.
PART III-NOTIONAL RATES IN RESPECT OF CERTAIN TRUST INCOME
1. This Part applies to a share of the net income of a trust estate or to the
net income or a part of the net income of a trust estate if-
(a) the trustee of the trust estate is liable to be assessed and to pay tax
in pursuance of section 98 of the Assessment Act in respect of that
share, or is liable to be assessed and to pay tax in pursuance of section 99 of the
Assessment Act in respect of that net income or that part of that net income of
the trust estate, as the case may be; and
(b) Division 16 of Part III of the Assessment Act applies in
relation to that share, or in relation to that net income or that part of that
net income, as the case may be.
2. The notional rate in respect of income to which this Part applies is-
(a) in a case where the income is-
(i) a share of the net income of a trust estate in respect of which the
trustee is liable to be assessed and to pay tax in pursuance of section 98 of
the Assessment Act; or
(ii) the net income or a part of the net income of a trust estate in
respect of which the trustee is liable to be assessed and to pay tax in
pursuance of section 99 of the Assessment Act, being net income or a part
of the net income of the estate of a deceased person who died less than 3 years before
the end of the year of income,
the rate that would be calculated in accordance with Part I or Part II, as
the case requires, if that income were the taxable income of one individual and
were not income in respect of which a trustee is liable to be assessed and to
pay tax in pursuance of section 98 or 99 of the Assessment Act; and
(b) in any other case-the rate that would be calculated under Part I in
respect of a taxable income equal to the net income if-
(i) that income were the taxable income of one individual and were not
income in respect of which a trustee is liable to be assessed and to pay tax in
pursuance of section 99 of the Assessment Act; and
(ii) the reference in column 1 of the Table in Schedule 13 to the part of
the taxable income that exceeds $3,893 but does not exceed $16,608 were a
reference to the part of the taxable income that does not exceed $16,608.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 15 Added by No. 124, 1978, s. 13; amended by No. 150, 1979, s. 15
SCH
SCHEDULE 15
Sub-section 6H (3)
RATE OF TAX BY REFERENCE TO A NOTIONAL INCOME-
FINANCIAL YEAR 1979-80
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 amount of the tax that would be
payable under Schedule 13 upon a taxable income equal to his notional income by
a number equal to the number of whole dollars in that notional income.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 16 Added by No. 124, 1978, s. 13; amended by No. 150, 1979, s. 16; No. 22, 1980, s. 13
SCH
SCHEDULE 16
Sub-section 6H (4)
RATES OF TAX PAYABLE BY A TRUSTEE IN PURSUANCE OF SECTION 98 OR 99
OF THE ASSESSMENT ACT-FINANCIAL YEAR 1979-80
1. In the case of a trustee who is liable to be assessed and to pay tax-
(a) in pursuance of section 98 of the Assessment Act in respect of a share
of the net income of a trust estate; or
(b) in pursuance of section 99 of the Assessment Act in respect of the net
income or a part of the net income of the estate of a deceased person who died
less than 3 years before the end of the year of income,
the rate of tax in respect of that share of the net income or that net
income or that part of that net income is the rate that would be payable under
Schedule 13 or 15, as the case requires, if one individual were liable to be
assessed and to pay tax on that income as his taxable income.
2. In the case of a trustee who is liable to be assessed and to pay tax in
pursuance of section 99 of the Assessment Act in respect of the net income of a
trust estate, other than income to which clause 1 applies, the rate of tax is
the rate that would be payable under Schedule 13 or 15, as the case requires,
in respect of a taxable income equal to the net income if-
(a) one individual were liable to be assessed and to pay tax on that income;
and
(b) the reference in column 1 of the table in Schedule 13 to the part of the
taxable income that exceeds $3,893 but does not exceed $16,608 were a reference
to the part of the taxable income that does not exceed $16,608.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 16A Inserted by No. 22, 1980, s. 14
SCH
SCHEDULE 16A
Sub-section 6HA (1)
RATES OF TAX PAYABLE BY A TAXPAYER WHOSE
ELIGIBLE TAXABLE INCOME EXCEEDS $1,040-
FINANCIAL YEAR 1979-80
The rates of tax payable by a taxpayer whose eligible taxable income for the
purpose 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 taxpayer-the rates that would be payable under Schedule 13 or 15,
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
$33,216-47.07%;
(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-47.07%; and
(B) in respect of the remainder of the eligible taxable income of the
taxpayer-61.07%; and
(iii) in any other case-61.07%.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 16B Inserted by No. 22, 1980, s. 14
SCH
SCHEDULE 16B
Sub-sections 6HA (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 1979-80
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 13 or 15, 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 $33,216-47.07%;
(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-47.07%; and
(B) in respect of the remainder of the eligible part of that
share-61.07%; and
(iii) in any other case-61.07%.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 17 Added by No. 150, 1979, s. 17
SCH
SCHEDULE 17
Sub-section 6L (1)
GENERAL RATES OF TAX-FINANCIAL YEAR 1980-81 AND SUBSEQUENT FINANCIAL
YEARS
The rate of tax in respect of each part of the taxable income specified in
column 1 of the following table is-
(a) if a rate is set out in column 2 of that table opposite to the reference
to that part of the taxable income but a rate is not set out in column
3 of that table opposite to that reference-the rate so set out in column 2; and
(b) in any other case-the sum of the rate set out in column 2 and the rate
set out in column 3 of that table opposite to the reference to that part of the
taxable income:
--------------------------------------------------------------------------------
Column 1 Column 2 Column 3
Rate Rate
per centum per centum
(standard (surcharge)
Parts of Taxable Income rate)
--------------------------------------------------------------------------------
The part of the taxable income that-
exceeds $3,893 but does not exceed $16,608 . . . . . . 32 Nil
exceeds $16,608 but does not exceed $33,216. . . . . . 32 14
exceeds $33,216. . . . . . . . . . . . . . . . . . . . 32 28
--------------------------------------------------------------------------------
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 18 Added by No. 150, 1979, s. 17; amended by No. 22, 1980, s. 15
SCH
SCHEDULE 18
Sub-section 6L (2)
NOTIONAL RATES FOR THE PURPOSES OF SECTION 156 OF THE ASSESSMENT
ACT-FINANCIAL YEAR 1980-81 AND SUBSEQUENT FINANCIAL YEARS
PART I-NORMAL NOTIONAL RATE
1. This Part applies to the income of a taxpayer, other than income in
respect of which a trustee is liable to be assessed and to pay tax in pursuance of
section 98 or 99 of the Assessment Act, if-
(a) Division 16 of Part III of the Assessment Act applies in relation to
that income; and
(b) Part II of this Schedule does not apply to that income.
2. The notional rate in respect of income to which this Part applies is, for
every $1 of the taxable income, the amount ascertained by determining the tax
that would be payable if the rates set out in Schedule 17 were applied to a
taxable income equal to his average income and dividing the resultant amount by
a number equal to the number of whole dollars in that average income.
PART II-ALTERNATIVE NOTIONAL RATE FOR CERTAIN TAXPAYERS
1. This Part applies to the income of a taxpayer, other than income in
respect of which a trustee is liable to be assessed and to pay tax in pursuance of
section 98 or 99 of the Assessment Act, in relation to the year of income
commencing on 1 July 1980 (in this Part referred to as the "relevant year of
income"), if-
(a) Division 16 of Part III of the Assessment Act applies in relation to
income of the relevant year of income;
(b) Division 16 of Part III of the Assessment Act applied to the
taxpayer for the purposes of tax upon his taxable income of the year of income
that commenced on 1 July 1976 and for each of the next 3 succeeding years of
income, or would have so applied if he had had a taxable income in each of those years of income;
(c) the notional amount in relation to the year of income that commenced on 1
July 1977 was not more than the prescribed amount in relation to that
year of income;
(d) the notional amount in relation to each year of income (in this
paragraph referred to as the "preceding year of income") that-
(i) commenced on or after 1 July 1978;
(ii) preceded the relevant year of income; and
(iii) was a year of income in relation to the income of which the
taxpayer was entitled to a rebate of tax in his assessment under section 156 of the
Assessment Act,
was not more than the prescribed amount in relation to that preceding year
of income; and
(e) the notional amount in relation to the relevant year of income is less
than the prescribed amount in relation to the relevant year of income.
2. The notional rate in respect of income to which this Part applies is the
rate set out in clause 3.
3. The notional rate for every $1 of the taxable income is the amount
ascertained by dividing the sum of-
ab
(a) the amount ascertained in accordance with the --, where-
formula c
a is the number of whole dollars in that part of the taxable income
that does not exceed $16,000;
b is the amount equal to 32% of the amount (if any) by which the
amount that would be the average income if the amendments made by sections 12
and 13 of the Income Tax Assessment Amendment Act (No. 2) 1977
had not been made exceeds $3,893; and
c is the number equal to the number of whole dollars in the amount
that would be the average income if the amendments made by sections 12 and 13
of the Income Tax Assessment Amendment Act (No. 2) 1977 had not
been made; and
(b) the amount (if any) by which the amount of tax that would be payable if
the rates set out in Schedule 17 were applied to the whole of the
taxable income exceeds an amount equal to 32% of the amount by which $16,000
exceeds $3,893,
by a number equal to the number of whole dollars in the taxable income.
4. For the purposes of this Part-
(a) the notional amount in relation to a year of income is-
(i) in the case of the year of income that commenced on 1 July 1977-the
amount of tax that would be payable in respect of the taxable income of that
year of income if the rates set out in Part II of Schedule 6 were applied to
that taxable income;
(ii) in the case of the year of income that commenced on 1 July 1978-the
amount of tax that would be payable in respect of the taxable income of that
year of income if the notional rate set out in clause 3 of Part II of Schedule
10 were the rate of tax payable on that taxable income;
(iii) in the case of the year of income that commenced on 1 July 1979-the
amount of tax that would be payable in respect of the taxable income of that
year of income if the notional rate set out in clause 3 of Part II of Schedule
14 were the rate of tax payable on that taxable income; and
(iv) in the case of the relevant year of income-the amount of tax that
would be payable in respect of the taxable income of the year of income if the
notional rate set out in clause 3 of this Part were the rate of tax payable on
that taxable income; and
(b) the prescribed amount in relation to a year of income is-
(i) in the case of the year of income that commenced on 1 July 1977-the
amount of tax that would be payable in respect of the taxable income of that
year of income if the rates set out in Part I of Schedule 6 were applied to
that taxable income;
(ii) in the case of the year of income that commenced on 1 July 1978-the
amount of tax that would be payable in respect of the taxable income of that
year of income if the notional rate set out in Part I of Schedule 10 were the
rate of tax payable on that taxable income;
(iii) in the case of the year of income that commenced on 1 July 1979-the
amount of tax that would be payable in respect of the taxable income of the
year of income if the notional rate set out in Part I of Schedule 14 were the
rate of tax payable on that taxable income; and
(iv) in the case of the relevant year of income-the amount of tax that
would be payable in respect of the taxable income of the year of income if the
notional rate set out in Part I of this Schedule were the rate of tax
payable on that taxable income.
PART III-NOTIONAL RATES IN RESPECT OF CERTAIN TRUST INCOME
1. This Part applies to a share of the net income of a trust estate or to the
net income or a part of the net income of a trust estate if-
(a) the trustee of the trust estate is liable to be assessed and to pay tax
in pursuance of section 98 of the Assessment Act in respect of that share, or is liable to be assessed and to pay tax in pursuance of section 99 of the
Assessment Act in respect of that net income or that part of that net income of
the trust estate, as the case may be; and
(b) Division 16 of Part III of the Assessment Act applies in
relation to that share, or in relation to that net income or that part of that
net income, as the case may be.
2. The notional rate in respect of income to which this Part applies is-
(a) in a case where the income is-
(i) a share of the net income of a trust estate in repect of which the
trustee is liable to be assessed and to pay tax in pursuance of section 98 of
the Assessment Act; or
(ii) the net income or a part of the net income of a trust estate in
respect of which the trustee is liable to be assessed and to pay tax in
pursuance of section 99 of the Assessment Act, being net income or a part
of the net income of the estate of a deceased person who died less than 3
years before the end of the year of income,
the rate that would be calculated in accordance with Part I or Part II, as
the case requires, if that income were the taxable income of one individual and
were not income in respect of which a trustee is liable to be assessed and to
pay tax in pursuance of section 98 or 99 of the Assessment Act; and
(b) in any other case-the rate that would be calculated under Part I in
respect of a taxable income equal to the net income if-
(i) that income were the taxable income of one individual and were not
income in respect of which a trustee is liable to be assessed and to pay tax in
pursuance of section 99 of the Assessment Act; and
(ii) the reference in column 1 of the Table in Schedule 17 to the part of
the taxable income that exceeds $3,893 but does not exceed $16,608 were a
reference to the part of the taxable income that does not exceed $16,608.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 19 Added by No. 150, 1979, s. 17
SCH
SCHEDULE 19
Sub-section 6L (3)
RATE OF TAX BY REFERENCE TO A NOTIONAL INCOME-FINANCIAL YEAR
1980-81 AND SUBSEQUENT FINANCIAL YEARS
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 amount of the tax that would be
payable under Schedule 17 upon a taxable income equal to his notional income by
a number equal to the number of whole dollars in that notional income.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 20 Added by No. 150, 1979, s. 17; amended by No. 22, 1980, s. 16
SCH
SCHEDULE 20
Sub-section 6L (4)
RATES OF TAX PAYABLE BY A TRUSTEE IN PURSUANCE OF SECTION 98 OR 99
OF THE ASSESSMENT ACT-FINANCIAL YEAR 1980-81 AND SUBSEQUENT FINANCIAL
YEARS
1. In the case of a trustee who is liable to be assessed and to pay tax-
(a) in pursuance of section 98 of the Assessment Act in respect of a share of
the net income of a trust estate; or
(b) in pursuance of section 99 of the Assessment Act in respect of the net
income or a part of the net income of the estate of a deceased person who died
less than 3 years before the end of the year of income,
the rate of tax in respect of that share of the net income or that net income or that part of that net income is the rate that would be payable under Schedule 17 or 19, as the case requires, if one individual were liable to be
assessed and to pay tax on that income as his taxable income.
2. In the case of a trustee who is liable to be assessed and to pay tax in
pursuance of section 99 of the Assessment Act in respect of the net income of a
trust estate, other than income to which clause 1 applies, the rate of tax is
the rate that would be payable under Schedule 17 or 19, as the case requires,
in respect of a taxable income equal to the net income if-
(a) one individual were liable to be assessed and to pay tax on that income;
and
(b) the reference in column 1 of the table in Schedule 17 to the part of the
taxable income that exceeds $3,893 but does not exceed $16,608 were a reference
to the part of the taxable income that does not exceed $16,608.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 21 Added by No. 22, 1980, s. 17
SCH
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 taxpayer-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%.
----------
INCOME TAX (RATES) ACT 1976 - SCHEDULE 22 Added by No. 22, 1980, s. 17
SCH
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%.
0
0
0