Income Tax (Rates) Amendment Act (No. 2) 1980 (Cth)

Income Tax (Rates) Amendment Act (No. 2) 1980

No. 59 of 1980

 

An Act to amend the law declaring certain rates of income tax

[Assented to 23 May 1980]

BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:

Short title, &c.

1. (1) This Act may be cited as the Income Tax (Rates) Amendment Act (No. 2) 1980.

(2) The Income Tax (Rates) Act 1976 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.

Indexation

3. Section 9 of the Principal Act is amended—

(a) by omitting sub-paragraph (iii) of paragraph (c) of sub-section (5) and substituting the following sub-paragraphs:

“(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 inpatient charges and in the cost of health insurance resulting from such increases.”; and

(b) by adding at the end thereof the following sub-sections:

“(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.

“(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.”.

Prescribed year

4. The year of income commencing on 1 July 1980 is declared to be a prescribed year of income for the purposes of section 9 of the Income Tax (Rates) Act 1976.

Publication of indexation factor

5. Sub-section 9(6) of the Income Tax (Rates) Act 1976 does not apply in relation to section 4 of this Act but if, on 15 June 1980, there is not in force, in relation to the year of income commencing on 1 July 1980, a regulation made under sub-section 9(4) of the Income Tax (Rates) Act 1976, the Treasurer shall, as soon as practicable after 15 June 1980, cause to be published in the Gazette