Income Tax Rates
Amendment Act 1987
No.
60 of 1987
An
Act to amend the Income Tax Rates Act
1986,and for related purposes
[Assented to 5 June 1987]
BE IT ENACTED by the Queen, and the
Senate and the House of Representatives of the Commonwealth of Australia, as
follows:
Short
title etc.
1. (1) This Act may be cited as the Income Tax Rates Amendment Act 1987.
(2) The Income Tax Rates Act 19861 is in this Act referred to as the Principal Act.
Commencement
2. This Act shall come
into operation on the day on which it receives the Royal Assent.
Act
to be deemed to be the Act declaring rates of income tax
3. Section 22 of the
Principal Act is amended by adding at the end “and for all subsequent financial
years”.
Rates
of tax payable by companies
4. Section 23 of the
Principal Act is amended:
(a)
by omitting from subsections (2) and (3) “46%” and substituting “49%”; and
(b)
by omitting from subsection (5) “$2,542” and substituting “$3,813”.
Rate
of tax payable by trustees of corporate unit trusts
5. Section 24 of the
Principal Act is amended by omitting “46%” and substituting “49%”.
Rate
of tax payable by trustees of public trading trusts
6. Section 25 of the
Principal Act is amended by omitting “46%” and substituting “49%”.
Rates
of tax payable by trustees of superannuation funds
7. Section 26 of the
Principal Act is amended:
(a)
by omitting from subsection (1) “50%” and substituting “49%”;
(b)
by omitting from subsection (2) “24.42%” and substituting “24%”;
(c)
by omitting from subsection (3) “57.08%” and substituting “49%”; and
(d)
by omitting from subsection (4) “44.25%” and substituting “40%”.
Rate
of tax payable by trustees of ineligible approved deposit funds
8. Section 27 of the
Principal Act is amended by omitting “44.25%” and substituting “40%”.
9. After section 27 of the
Principal Act the following section is inserted:
Rate
of tax payable by trustee to whom subsection 98 (3) of Assessment Act applies
“28. The rate of tax payable by a
trustee of a trust estate in respect of a share of the net income of the trust
estate in respect of which the trustee is liable to be assessed and to pay tax
under subsection 98 (3) of the Assessment Act is 49%.”.
Application
of amendments
10. (1) The amendments made by sections 3, 4, 5, 6, 7 and 8 apply for
the financial year commencing on 1 July 1987 and for all subsequent financial
years.
(2) The amendment made by
section 9 applies for the financial year commencing on 1 July 1986 and for all
subsequent financial years.
NOTE
1.
No. 107, 1986
[Minister’s
second reading speech made in—
House
of Representatives on 2 April 1987
Senate
on 27 May 1987