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Income Tax Rates Act 1986

Schedules

SCHEDULE 8 - NOTIONAL RATES FOR THE PURPOSES OF SECTION 156 OF THE ASSESSMENT ACT  

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Subsection 12(2)


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PART I - RESIDENT TAXPAYERS, RESIDENT BENEFICIARIES AND RESIDENT TRUST ESTATES  

Division 2 - Notional rates in respect of certain trust income  

SECTION 2.  

2.    
The notional rate in respect of income to which this Division applies is -


(a) in a case where the income is -


(i) a share of the net income of a trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 of the Assessment Act; or

(ii) the net income or a part of the net income of a trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 99 of the Assessment Act, being the net income or a part of the net income of the estate of a deceased person who died less than 3 years before the end of the year of income;
the rate that would be calculated in accordance with Division 1 if that income were the taxable income of one individual and were not income in respect of which a trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act; and


(b) in any other case - the rate that would be calculated in accordance with Division 1 in respect of a taxable income equal to the income if -


(i) that income were the taxable income of one individual and were not income in respect of which a trustee is liable to be assessed and to pay tax under section 99 of the Assessment Act; and

(ii) the words " exceeds the tax-free threshold but " were omitted from item 1 of the table applicable to the year of income in Part I of Schedule 7.
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