Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1985 No. 2781

Income Tax Regulations2 (Amendment)

I, THE GOVERNOR-GENERAL of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, hereby make the following Regulations under the Income Tax Assessment Act 1936.

Dated 21 October 1985.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

Paul Keating

Treasurer

 

Rate of deductions

1. Regulation 54dap of the Income Tax Regulations is amended by omitting from paragraph (1) (a) “$50,000” (wherever occurring) and substituting “$55,000”.

Application

2. The amendments made by regulation 1 apply in respect of deductions to be made for the purposes of section 221c of the Income Tax Assessment Act 1936 from an eligible termination payment included in any salary or wages that an employee receives, or is entitled to receive, on or after1 November 1985.

 

NOTES

1. Notified in the Commonwealth of Australia Gazette on 28 October 1985.

2. Statutory Rules 1936 No. 94 as amended to date. For previous amendments see Note 2 to Statutory Rules 1985 No. 21 and see also Statutory Rules 1985 Nos. 21, 148 and 274.

  

Printed by Authority by the Commonwealth Government Printer

(S.R. 308/85)—Cat. No.  10/15.10.1985