New Business Tax System (Income Tax Rates) Act (No. 1) 1999 (Cth)

New Business Tax System (Income Tax Rates) Act (No. 1) 1999

No. 167, 1999

New Business Tax System (Income Tax Rates) Act (No. 1) 1999

No. 167, 1999

An Act to implement the New Business Tax System by amending income tax rates, and for related purposes

Contents

New Business Tax System (Income Tax Rates) Act (No. 1) 1999

No. 167, 1999

An Act to implement the New Business Tax System by amending income tax rates, and for related purposes

[Assented to 10 December 1999]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the New Business Tax System (Income Tax Rates) Act (No. 1) 1999.

2Commencement

1. (1)

   Subject to subsection (2), this Act commences on 1 July 2000.

2. (2)

   Schedule 2 commences on 1 July 2001.

3Schedule(s)

Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Cutting the company tax rate for the 2000‑01 year of income

Income Tax Rates Act 1986

1Subsection 23(2)

Omit “36%”, substitute “34%”.

2Paragraph 23(3)(a)

Omit “36%”, substitute “34%”.

3Paragraph 23(4)(bb)

Omit “36%”, substitute “34%”.

4Subparagraph 23(4A)(c)(ii)

Omit “36%”, substitute “34%”.

5Paragraph 23(4BA)(b)

Omit “36%”, substitute “34%”.

6Paragraph 23(4C)(c)

Omit “36%”, substitute “34%”.

7Subsection 23(5)

Omit “$1,204”, substitute “$1,089”.

8

Subsection 23(6)

Omit “54%”, substitute “51%”.

9

Section 24

Omit “36%”, substitute “34%”.

10Section 25

Omit “36%”, substitute “34%”.

11Section 28

Omit “36%”, substitute “34%”.

12Application of amendments made by this Schedule

The amendments made by this Schedule apply to assessments in respect of taxable income, or a trust estate’s net income, of the 2000‑01 year of income.

Schedule 2—Cutting the company tax rate for the 2001‑02 year of income and later

Income Tax Rates Act 1986

1Subsection 23(2)

Omit “34%”, substitute “30%”.

2Paragraph 23(3)(a)

Omit “34%”, substitute “30%”.

3Paragraph 23(4)(bb)

Omit “34%”, substitute “30%”.

4Subparagraph 23(4A)(c)(ii)

Omit “34%”, substitute “30%”.

5Paragraph 23(4BA)(b)

Omit “34%”, substitute “30%”.

6Paragraph 23(4C)(c)

Omit “34%”, substitute “30%”.

7Subsection 23(5)

Omit “$1,089”, substitute “$915”.

8

Subsection 23(6)

Omit “51%”, substitute “45%”.

9

Section 24

Omit “34%”, substitute “30%”.

10Section 25

Omit “34%”, substitute “30%”.

11Section 28

Omit “34%”, substitute “30%”.

12Application of amendments made by this Schedule

The amendments made by this Schedule apply to assessments in respect of taxable income, or a trust estate’s net income, of the 2001‑02 year of income and of later years of income.

[Minister’s second reading speech made in—

House of Representatives on 21 October 1999

Senate on 26 November 1999]

(204/99)