Termination Payments Tax Imposition Amendment Act 1997 (Cth)

Termination Payments Tax Imposition Amendment Act 1997

No. 188, 1997

Termination Payments Tax Imposition Amendment Act 1997

No. 188, 1997

An Act to amend the Termination Payments Tax Imposition Act 1997, and for related purposes

Contents

Termination Payments Tax Imposition Amendment Act 1997

No. 188, 1997

An Act to amend the Termination Payments Tax Imposition Act 1997, and for related purposes

[Assented to 7 December 1997]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Termination Payments Tax Imposition Amendment Act 1997.

2Commencement

(1)

Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent.

1. (2)

   Schedule 1 is taken to have commenced on 5 June 1997, immediately after the commencement of the Termination Payments Tax Imposition Act 1997.

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Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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—Amendment of the Termination Payments Tax Imposition Act 1997

1

Subsection 5(1)

After “percentage”, insert “(calculated to 5 decimal places)”.

2

After subsection 5(1)

Insert:

1. (1A)

   If the percentage calculated under subsection (1) for a financial year would, if it were worked out to 6 decimal places, end with a number greater than 4, the number so calculated is increased by 0.00001.

(183/97)

[Minister's second reading speech made in—

House of Representatives on 2 October 1997

Senate on 22 October 1997