Income Tax (Rates) Amendment Act (No. 2) 1983 (Cth)

Income Tax (Rates) Amendment Act (No. 2) 1983

No. 104 of 1983

 

An Act to amend the Income Tax (Rates) Act 1982

[Assented to 23 November 1983]

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) 1983.

(2) The Income Tax (Rates) Act 19821is 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.

Rates of tax and notional rates

3. Section 13 of the Principal Act is amended—

(a) by inserting after sub-section (2) the following sub-sections:

“(2a) For every dollar of so much of the taxable income of a taxpayer as is equal to the deemed taxable income from primary production, the rate of complementary tax for the purposes of sub-section 156 (4a) of the Assessment Act is the amount ascertained by dividing the amount of the excess referred to in paragraph (b) of that sub-section by the number of whole dollars in the taxable income of the taxpayer.

 

“(2b) For every dollar of so much of the net income of a trust estate as is equal to the deemed net income from primary production, the rate of complementary tax for the purposes of sub-section 156 (5a) of the Assessment Act is the amount ascertained by dividing the amount of the excess referred to in paragraph (b) of that sub-section by the number of whole dollars in the eligible net income of the trust estate.”;

(b) by inserting in the definition of component b in paragraph (5) (a) “sub-section (2a) and” before “this sub-section”;

(c) by inserting in the definition of component b in paragraph (5) (b) “sub-section (2a) and” before “this sub-section”;

(d) by inserting in the definition of component b in paragraph (6) (a) “sub-section (2b) and” before “this sub-section”; and

(e) by inserting in the definition of component b in paragraph (6) (b) “sub-section (2b) and” before “this sub-section”.

Rates of tax where Division 6aa of Part III of the Assessment Act applies

4. Section 14 of the Principal Act is amended—

(a) by omitting “$1,040” (wherever occurring) and substituting “$416”; and

(b) by omitting “$3,432” (wherever occurring) and substituting “$1,372”.

Rates of tax where Division 6aa of Part III of the Assessment Act applies

5. Section 16 of the Principal Act is amended—

(a) by omitting “$1,040” (wherever occurring) and substituting “$416”;

(b) by omitting “$1,872” (wherever occurring) and substituting “$748”; and

(c) by omitting “$312” (wherever occurring) and substituting “$124.80”.

Schedule 11

6. Schedule 11 to the Principal Act is amended by omitting “$1,040” and substituting “$416”.

 

NOTE

1. No. 105, 1982, as amended. For previous amendments, see No. 15, 1983.