Income Tax Rates Amendment Act 1988
No. 118 of 1988
An Act to amend the Income Tax Rates Act 1986, and for related purposes
[Assented to 13 December 1988]
BE IT ENACTED by the Queen, and the Senate and the House of Representatives of the Commonwealth of Australia, as follows:
Short title etc.
1. (1) This Act may be cited as the Income Tax Rates Amendment Act 1988.
(2) In this Act, “Principal Act” means the Income Tax Rates Act 19861.
Commencement
2. This Act commences on the day on which it receives the Royal Assent.
Rates of tax payable by companies
3. Section 23 of the Principal Act is amended:
(a) by omitting from subsections (2) and (3) “49%” and substituting “39%”;
(b) by omitting from subsection (5) “$3,813” and substituting “$1,429”.
Rate of tax payable by trustees of corporate unit trusts
4. Section 24 of the Principal Act is amended by omitting “49%” and substituting “39%”.
Rate of tax payable by trustees of public trading trusts
5. Section 25 of the Principal Act is amended by omitting “49%” and substituting “39%”.
Rate of tax payable by trustee to whom subsection 98 (3) of Assessment Act applies
6. Section 28 of the Principal Act is amended by omitting “49%” and substituting “39%”.
Application of amendments
7. (1) The amendments made by sections 3, 4 and 5 apply for the financial year commencing on 1 July 1989 and for all subsequent financial years.
(2) The amendment made by section 6 applies for the financial year commencing on 1 July 1988 and for all subsequent financial years.
NOTE
1. No. 107, 1986, as amended. For previous amendments, see Nos. 60 and 138, 1987; and Nos. 11 and 78, 1988.
[Minister’s second reading speech made in—
House of Representatives on 3 November 1988
Senate on 22 November 1988]