Income Tax Rates
Amendment Act 1988
No.
118 of 1988
An
Act to amend the Income Tax Rates Act
1986, and for related purposes
[Assented to 13 December 1988]
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
1988.
(2) In this Act, “Principal
Act” means the Income Tax Rates Act 19861.
Commencement
2. This Act commences on
the day on which it receives the Royal Assent.
Rates
of tax payable by companies
3. Section 23 of the
Principal Act is amended:
(a)
by omitting from subsections (2) and (3) “49%” and substituting “39%”;
(b)
by omitting from subsection (5) “$3,813” and substituting “$1,429”.
Rate
of tax payable by trustees of corporate unit trusts
4. Section 24 of the
Principal Act is amended by omitting “49%” and substituting “39%”.
Rate
of tax payable by trustees of public trading trusts
5. Section 25 of the
Principal Act is amended by omitting “49%” and substituting “39%”.
Rate
of tax payable by trustee to whom subsection 98 (3) of Assessment Act applies
6. Section 28 of the
Principal Act is amended by omitting “49%” and substituting “39%”.
Application
of amendments
7. (1) The amendments made by sections 3, 4 and 5 apply for the
financial year commencing on 1 July 1989 and for all subsequent financial
years.
(2) The amendment made by
section 6 applies for the financial year commencing on 1 July 1988 and for all
subsequent financial years.
NOTE
1. No. 107,
1986, as amended. For previous amendments, see Nos. 60 and 138, 1987; and Nos.
11 and 78, 1988.
[Minister’s
second reading speech made in—
House
of Representatives on 3 November 1988
Senate
on 22 November 1988