Tax Laws Amendment (Income Tax Rates) Act 2012 (Cth)

Tax Laws Amendment (Income Tax Rates) Act 2012

No. 60,

2012 as amended

Compilation start date: 28 June 2013

Includes amendments up to: Act No. 88, 2013

About this compilation

This compilation

This is a compilation of the Tax Laws Amendment (Income Tax Rates) Act 2012 as in force on 28 June 2013. It includes any commenced amendment affecting the legislation to that date.

This compilation was prepared on 20 September 2013.

The notes at the end of this compilation (the endnotes) include information about amending laws and the amendment history of each amended provision.

Uncommenced amendments

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in the endnotes.

Application, saving and transitional provisions for provisions and amendments

If the operation of a provision or amendment is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes.

Modifications

If a provision of the compiled law is affected by a modification that is in force, details are included in the endnotes.

Provisions ceasing to have effect

If a provision of the compiled law has expired or otherwise ceased to have effect in accordance with a provision of the law, details are included in the endnotes.

Contents

An Act to amend the Income Tax Rates Act 1986, and for related purposes

1Short title

This Act may be cited as the Tax Laws Amendment (Income Tax Rates) Act 2012.

2Commencement

1. (1)

   Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
1. Sections 1 to 3 and anything in this Act not elsewhere covered by this table	The day this Act receives the Royal Assent.	21 June 2012
2. Schedule 1, Part 1	The day this Act receives the Royal Assent.	21 June 2012

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

1. (2)

   Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3Schedule(s)

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 1Non‑resident personal tax ratesPart 1Amendments applying from the 2012‑13 year of income

Income Tax Rates Act 1986

1

Subsection 3(1)

Insert:

second resident personal tax rate means the rate mentioned in item 2 of the table in clause 1 of Part I of Schedule 7.

2

Subparagraph 15(2)(a)(i)

Repeal the subparagraph, substitute:

1. (i)

   the amount ascertained by applying the second resident personal tax rate to that eligible taxable income; or

2A

Paragraph 15(2)(b)

Omit “$732”, substitute “$663”.

3

Subparagraph 15(2)(b)(i)

Repeal the subparagraph, substitute:

1. (i)

   the amount ascertained by applying the second resident personal tax rate to $416, and then adding 66% of the amount by which that eligible taxable income exceeds $416; or

4

Subparagraph 15(4)(c)(i)

Repeal the subparagraph, substitute:

1. (i)

   the amount ascertained by applying the second resident personal tax rate to the amount of the eligible part of that share; or

4A

Paragraph 15(4)(d)

Omit “$732”, substitute “$663”.

5

Subparagraph 15(4)(d)(i)

Repeal the subparagraph, substitute:

1. (i)

   the amount ascertained by applying the second resident personal tax rate to $416, and then adding 66% of the amount by which the eligible part of that share exceeds $416; or

5A

Paragraph 15(6)(b)

Omit “$732”, substitute “$663”.

6

Clause 1 of Part II of Schedule 7 (table)

Repeal the table, substitute:

Tax rates for non‑resident taxpayers
Item	For the part of the ordinary taxable income of the taxpayer that:	The rate is:
1	does not exceed $80,000	The second resident personal tax rate
2	exceeds $80,000 but does not exceed $180,000	37%
3	exceeds $180,000	45%

7

Clause 1A of Part II of Schedule 7 (note)

Repeal the note, substitute:

Note 1: This clause will be repealed on 1 July 2016. See Part 2 of Schedule 2 to the Tax Laws Amendment (2011 Measures No. 7) Act 2011.

Note 2: In the 2011‑12 year of income, the rate applicable under item 1 of the table was 29%.

8

Application provision

The amendments made by this Part apply to the 2012‑2013 year of income and later years of income.

Endnotes

Endnote 1About the endnotes

The endnotes provide details of the history of this legislation and its provisions. The following endnotes are included in each compilation:

Endnote 1—About the endnotes

Endnote 2—Abbreviation key

Endnote 3—Legislation history

Endnote 4—Amendment history

Endnote 5—Uncommenced amendments

Endnote 6—Modifications

Endnote 7—Misdescribed amendments

Endnote 8—Miscellaneous

If there is no information under a particular endnote, the word “none” will appear in square brackets after the endnote heading.

Abbreviation key—Endnote 2

The abbreviation key in this endnote sets out abbreviations that may be used in the endnotes.

Legislation history and amendment history—Endnotes 3 and 4

Amending laws are annotated in the legislation history and amendment history.

The legislation history in endnote 3 provides information about each law that has amended the compiled law. The information includes commencement information for amending laws and details of application, saving or transitional provisions that are not included in this compilation.

The amendment history in endnote 4 provides information about amendments at the provision level. It also includes information about any provisions that have expired or otherwise ceased to have effect in accordance with a provision of the compiled law.

Uncommenced amendments—Endnote 5

The effect of uncommenced amendments is not reflected in the text of the compiled law but the text of the amendments is included in endnote 5.

Modifications—Endnote 6

If the compiled law is affected by a modification that is in force, details of the modification are included in endnote 6.

Misdescribed amendments—Endnote 7

An amendment is a misdescribed amendment if the effect of the amendment cannot be incorporated into the text of the compilation. Any misdescribed amendment is included in endnote 7.

Miscellaneous—Endnote 8

Endnote 8 includes any additional information that may be helpful for a reader of the compilation.

Endnote 2Abbreviation key

ad = added or inserted	pres = present
am = amended	prev = previous
c = clause(s)	(prev) = previously
Ch = Chapter(s)	Pt = Part(s)
def = definition(s)	r = regulation(s)/rule(s)
Dict = Dictionary	Reg = Regulation/Regulations
disallowed = disallowed by Parliament	reloc = relocated
Div = Division(s)	renum = renumbered
exp = expired or ceased to have effect	rep = repealed
hdg = heading(s)	rs = repealed and substituted
LI = Legislative Instrument	s = section(s)
LIA = Legislative Instruments Act 2003	Sch = Schedule(s)
mod = modified/modification	Sdiv = Subdivision(s)
No = Number(s)	SLI = Select Legislative Instrument
o = order(s)	SR = Statutory Rules
Ord = Ordinance	Sub‑Ch = Sub‑Chapter(s)
orig = original	SubPt = Subpart(s)
par = paragraph(s)/subparagraph(s) /sub‑subparagraph(s)

Endnote 3Legislation history

Act	Number and year	Assent	Commencement	Application, saving and transitional provisions
Tax Laws Amendment (Income Tax Rates) Act 2012	60, 2012	21 June 2012	21 June 2012
Tax and Superannuation Laws Amendment (2013 Measures No. 1) Act 2013	88, 2013	28 June 2013	Sch 7 (items 234, 235): Royal Assent	—

Endnote 4Amendment history

Provision affected	How affected
s 2.........................................	am No 88, 2013
Sch 1
Pt 2........................................	rep No 88, 2013
item 9....................................	rep No 88, 2013
item 10...................................	rep No 88, 2013

Endnote 5Uncommenced amendments [none]Endnote 6Modifications [none]Endnote 7Misdescribed amendments [none]Endnote 8Miscellaneous [none]