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
1 Short title...................................
2 Commencement...............................
3 Schedule(s)..................................
Schedule 1—Cutting the company tax rate for the 2000‑01 year of income
Income Tax Rates Act 1986
Schedule 2—Cutting the company tax rate for the 2001‑02 year of income and later
Income Tax Rates Act 1986
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:
1 Short title
This Act may be cited as the New Business Tax System (Income Tax Rates) Act (No. 1) 1999.
2 Commencement
(1) Subject to subsection (2), this Act commences on 1 July 2000.
(2) Schedule 2 commences on 1 July 2001.
3 Schedule(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Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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
1 Subsection 23(2)
Omit “36%”, substitute “34%”.
2 Paragraph 23(3)(a)
Omit “36%”, substitute “34%”.
3 Paragraph 23(4)(bb)
Omit “36%”, substitute “34%”.
4 Subparagraph 23(4A)(c)(ii)
Omit “36%”, substitute “34%”.
5 Paragraph 23(4BA)(b)
Omit “36%”, substitute “34%”.
6 Paragraph 23(4C)(c)
Omit “36%”, substitute “34%”.
7 Subsection 23(5)
Omit “$1,204”, substitute “$1,089”.
8 Subsection 23(6)
Omit “54%”, substitute “51%”.
9 Section 24
Omit “36%”, substitute “34%”.
10 Section 25
Omit “36%”, substitute “34%”.
11 Section 28
Omit “36%”, substitute “34%”.
12 Application 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
1 Subsection 23(2)
Omit “34%”, substitute “30%”.
2 Paragraph 23(3)(a)
Omit “34%”, substitute “30%”.
3 Paragraph 23(4)(bb)
Omit “34%”, substitute “30%”.
4 Subparagraph 23(4A)(c)(ii)
Omit “34%”, substitute “30%”.
5 Paragraph 23(4BA)(b)
Omit “34%”, substitute “30%”.
6 Paragraph 23(4C)(c)
Omit “34%”, substitute “30%”.
7 Subsection 23(5)
Omit “$1,089”, substitute “$915”.
8 Subsection 23(6)
Omit “51%”, substitute “45%”.
9 Section 24
Omit “34%”, substitute “30%”.
10 Section 25
Omit “34%”, substitute “30%”.
11 Section 28
Omit “34%”, substitute “30%”.
12 Application 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)