Income Tax Regulations (Amendment) (Cth)

Statutory Rules 1995

No. 194 1

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Income Tax Regulations 2(Amendment)

I, The Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following Regulations under the Income Tax Assessment Act 1936.

Dated 30 June 1995.

 BILL HAYDEN

 Governor-General

By His Excellency’s Command,

GEORGE GEAR

Assistant Treasurer

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1.   Commencement

1.1 These Regulations commence on 1 July 1995.

 

2.   Amendment

2.1   The Income Tax Regulations are amended as set out in these Regulations.

3.   Regulation 70 (Interpretation)

3.1   Subregulation 70 (1) (definition of “shading out point”):

Omit:

;” ,

substitute:

,” .

4.   Regulation 72 (Rate of deductions—employee claiming general exemption only and employee, not being a prescribed person, claiming general exemption and Medicare levy variation)

4.1   Subparagraph 72 (1) (d) (ii):

Omit “$240”, substitute “$243”.

4.2   Paragraph 72 (2) (a):

Omit “$258”, substitute “$263”.

4.3   Paragraph 72 (2) (a):

Omit “240.28”, substitute “243.72”.

4.4   Paragraph 72 (2) (b):

Omit “$258”, substitute “$263”.

4.5   Paragraph 72 (2) (b):

Omit “0.014”, substitute “0.015”.

4.6   Paragraph 72 (2) (c):

Omit:

“B¥  0.014 - (A - B) ¥  0.186”,

substitute:

“B¥  0.015 - (A - B) ¥  0.185”.

5.   Regulation 73 (Rate of deductions—employee, being a prescribed person, claiming general exemption and Medicare levy variation)

5.1   Paragraph 73 (1) (e):

Omit “$404”, substitute “$411”.

5.2   Paragraph 73 (2) (a):

Omit “$435”, substitute “$444”.

5.3   Paragraph 73 (2) (a):

Omit “404.73”, substitute “411.5”.

5.4  Paragraph 73 (2) (b):

Omit “$435”, substitute “$444”.

5.5   Paragraph 73 (2) (b):

Omit “0.007”, substitute “0.0075”.

5.6   Paragraph 73 (2) (c):

Omit:

“B¥  0.007 - (A - B) ¥  0.093”,

substitute:

“B¥  0.0075 - (A - B) ¥  0.0925”.

6.   Regulation 80 (Rate of deductions—employee in receipt of certain retirement amounts etc.)

6.1   Omit “31.4”, substitute “31.5”.

7.   Regulation 82 (Rate of deductions where eligible lump sum is included)

7.1   Omit “22.4”, substitute “22.5”.

8.   Schedule 3 (Tables to be used in calculation of income tax instalment amounts in relation to employees)

8.1   Table 1 (Employees to whom paragraph 72 (1) (c) applies):

Omit the Table, substitute:

Column 1	Column 2	Column 3	Column 4
Item	Range in respect of relevant amount of earnings of employee	Factor	Amount
$
1	Not exceeding $98.99	0	0
2	Exceeding $98.99 but not exceeding $242.99	0.2031	20.1900
3	Exceeding $242.99 but not exceeding $262.99	0.4062	69.6945
4	Exceeding $262.99 but not exceeding $391.99	0.2183	20.1865
5	Exceeding $391.99 but not exceeding $723.99	0.3550	73.7729
6	Exceeding $723.99 but not exceeding $954.99	0.4450	138.9883
7	Exceeding $954.99	0.4850	177.2037

8.2   Table 3 (Employees to whom paragraph 73 (1) (d) applies):

Omit the Table, substitute:

Column 1	Column 2	Column 3	Column 4
Item	Range in respect of relevant amount of earnings of employee	Factor	Amount
$
1	Not exceeding $98.99	0	0
2	Exceeding $98.99 but not exceeding $391.99	0.2031	20.1900
3	Exceeding $391.99 but not exceeding $410.99	0.3400	73.8576
4	Exceeding $410.99 but not exceeding $444.99	0.4400	115.0076
5	Exceeding $444.99 but not exceeding $723.99	0.3475	73.8131
6	Exceeding $723.99 but not exceeding $954.99	0.4375	139.0285
7	Exceeding $954.99	0.4775	177.2439

8.3   Table 4 (Employees to whom regulation 77 applies):

Omit the Table, substitute:

Column 1	Column 2	Column 3	Column 4
Item	Range in respect of relevant amount of earnings of employee	Factor	Amount
$
1	Not exceeding $106.99	0.2150	0.2150
2	Exceeding $106.99 but not exceeding $439.99	0.3550	15.2919
3	Exceeding $439.99 but not exceeding $670.99	0.4450	54.9265
4	Exceeding $670.99	0.4850	81.7727

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NOTES

1. Notified in the Commonwealth of Australia Gazette on 30 June 1995.

2. Statutory Rules 1936 No. 94 as amended by 1939 Nos. 6 and 42; 1940 Nos. 138 and 289; 1941 Nos. 120 and 327; 1942 Nos. 339 and 553; 1943 Nos. 80, 127 and 151; 1944 Nos. 90 and 124; 1945 Nos. 12, 85, 169 and 192; 1946 No. 135; 1947 Nos. 77 and 173; 1948 Nos. 115 and 162; 1949 Nos. 25 and 50; 1950 Nos. 63 and 101; 1951 Nos. 136 and 157; 1952 Nos. 89, 90 and 102; 1953 Nos. 55 and 88; 1954 Nos. 11, 99 and 112; 1955 No. 23; 1956 Nos. 34, 35 (repealed by 1956 No. 96) and 96; 1957 Nos. 39 and 74; 1958 Nos. 27 and 70; 1959 Nos. 25 and 81; 1960 Nos. 44 and 74; 1962 Nos. 15, 44 and 112; 1963 Nos. 53 and 92; 1964 Nos. 74, 121 and 134; 1965 Nos. 133 and 187; 1966 No. 156; 1967 Nos. 112 and 126; 1968 No. 1; 1969 No. 68; 1970 Nos. 43, 126, 168 and 213; 1971 Nos. 120 and 148; 1972 Nos. 48, 50 and 137; 1973 No. 266; 1974 Nos. 193, 226 and 267; 1975 Nos. 88, 89, 99, 101 and 213; 1976 Nos. 115, 188 and 212; 1977 Nos. 77, 107 and 248; 1978 Nos. 85 and 193; 1979 Nos. 126 and 239; 1980 Nos. 86, 137 and 149; 1981 Nos. 116 and 360; 1982 Nos. 115, 128, 267 and 280; 1983 Nos. 79, 87, 111, 213 and 319; 1984 Nos. 172, 286, 408 and 416; 1985 Nos. 21, 148, 274 and

NOTES—continued

 278; 1986 No. 325; Acts Nos. 28, 49 and 112, 1986; Statutory Rules 1987 Nos. 92 and 120; 1988 Nos. 196, 208, 262, 381, 382, 383 and 384; Act No. 97, 1988; Statutory Rules 1989 Nos. 67, 80, 115 (as amended by 1989 No. 358), 123, 124, 141, 250 and 358; 1990 Nos. 19, 126, 151, 152, 192, 347, 390, 398 and 468; 1991 Nos. 20, 121, 156, 158, 240, 300, 301, 390 and 391; 1992 Nos. 38, 129, 216, 313 and 449; 1993 Nos. 15, 46, 47, 65, 91, 159, 202, 216, 275, 288 and 370; 1994 Nos. 95, 96, 127, 174, 195, 219, 399, 412, 460, 461 and 462; 1995 Nos. 58, 107, 139, 152 and 153; Act No. 30, 1995.