Income Tax Rates Act 1986

PART II - RATES OF INCOME TAX PAYABLE UPON INCOMES OTHER THAN INCOMES OF COMPANIES, PRESCRIBED UNIT TRUSTS, SUPERANNUATION FUNDS AND CERTAIN OTHER TRUSTS  

Division 3 - Rates of tax  

Subdivision B - Rates of tax and notional rates  

SECTION 12AA   RATE OF EXTRA INCOME TAX ON MINIMUM TAX CAPITAL GAIN  

12AA(1)    
This section sets the rate of extra income tax payable under subsection 119-10(1) of the Income Tax Assessment Act 1997 on every dollar of a taxpayer ' s minimum tax capital gain for a year of income.

12AA(2)    
The rate is worked out using the formula:

Minimum tax gap amount for the year
Minimum tax capital gain for the year

12AA(3)    
In this section:

minimum tax capital gain
means the taxpayer ' s minimum tax capital gain, within the meaning of the Income Tax Assessment Act 1997 , in whole dollars.

minimum tax gap amount
means the taxpayer ' s minimum tax gap amount, within the meaning of the Income Tax Assessment Act 1997 , in whole dollars.