TAXATION LAWS (MISCELLANEOUS PROVISIONS) ACT 1986 (REPEALED)

SECTION 4   APPLICATION OF AMENDMENTS OF THE INCOME TAX ASSESSMENT ACT 1936  

4(1)    
In this section, " Principal Act " means the Income Tax Assessment Act 1936 .

4(2)    
The amendments of sections 159P, 159ZK, 160AAA, 160AAB and 160AA of the Principal Act made by this Act apply to assessments in respect of income of the year of income that commenced on 1 July 1986 and of all subsequent years of income.

4(3)    
In the application of sub-section 159P(3A) of the Principal Act as amended by this Act in relation to the year of income that commenced on 1 July 1986, the reference in that sub-section to 29% shall be read as a reference to 29.42%.

4(4)    
In the application of sub-section 159ZK(1) of the Principal Act as amended by this Act in relation to the year of income that commenced on 1 July 1986, the reference in that sub-section to 29% shall be read as a reference to 29.42%.

4(5)    
In the application of sub-section 160AAA(1) of the Principal Act as amended by this Act in relation to the year of income that commenced on 1 July 1986, a reference in that sub-section to $6,142 shall be read as a reference to $5,914.

4(6)    
In the application of section 160AAB of the Principal Act as amended by this Act in relation to the year of income that commenced on 1 July 1986, a reference in that section to 29% shall be read as a reference to 29.42%.

4(7)    
Section 160AA of the Principal Act as amended by this Act applies to assessments in respect of income of the year of income that commenced on 1 July 1986 as if -

(a) paragraph (1)(d) were omitted and the following paragraph were substituted:

" (d) the additional tax amount in relation to the taxpayer in relation to the year of income exceeds the sum of -

(i) 15% of the qualifying 15% amount (if any) in relation to the taxpayer in relation to the year of income;

(ii) 24.42% of the qualifying 24.42% amount (if any) in relation to the taxpayer in relation to the year of income;

(iii) 26.5% of the qualifying 26.5% amount (if any) in relation to the taxpayer in relation to the year of income;

(iv) 29.42% of the qualifying 29.42% amount (if any) in relation to the taxpayer in relation to the year of income; and

(v) 30% of so much (if any) of the relevant income amount in relation to the taxpayer in relation to the year of income as exceeds the sum of the amounts referred to in sub-paragraphs (i) to (iv) (inclusive), " ;

(b) the definitions of " qualifying 24% amount " and " qualifying 29% amount " were omitted from sub-section (2) and the following definitions were substituted:

'qualifying 24.42% amount'
means -

(a) where the taxpayer is a resident taxpayer in relation to the year of income and the notional (non-lump, sum) taxable income does not exceed $12,500 - the amount (if any) by which the lesser of $12,500 and the non-15% taxable income exceeds the notional (non-lump sum) taxable income; and

(b) in any other case - nil;

'qualifying 26.5% amount'
means -

(a) where the taxpayer is a resident taxpayer in relation to the year of income and the notional (non-lump sum) taxable income does not exceed $12,600 - the amount (if any) by which the lesser of $12,600 and the non-15% taxable income exceeds the sum of the notional (non-lump sum) taxable income and the qualifying 24.42% amount (if any); and

(b) in any other case - nil;

'qualifying 29.42% amount'
means -

(a) where the taxpayer is a resident taxpayer in relation to the year of income and the notional (non-lump sum) taxable income does not exceed $19,500 - the amount (if any) by which the lesser of $19,500 and the non-15% taxable income exceeds the sum of the notional (non-lump sum) taxable income, the qualifying 24.42% amount (if any) and the qualifying 26.5% amount (if any);

(b) where the taxpayer is a non-resident taxpayer in relation to the year of income and the notional (non-lump sum) taxable income does not exceed $19,500 - the amount (if any) by which the lesser of $19,500 and the non-15% taxable income exceeds the notional (non-lump sum) taxable income; and

(c) in any other case - nil; " ; and

(c) the references to $5,100 and Schedule 7 in the definition of " tax threshold " in sub-section (2) were respectively references to $4,890 and Schedule 1.

4(8)    
The amendment of section 221AC of the Principal Act made by this Act applies in relation to the year of income that commenced on 1 July 1986 and in relation to all subsequent, years of income.

4(9)    
The amendment of section 221ZB of the Principal Act made by this Act applies to mining payments made or applied on or after 1 December 1986.