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TAXATION LAWS (MISCELLANEOUS PROVISIONS) ACT 1986 (REPEALED)

SCHEDULE

Section 3

AMENDMENTS OF ACTS

Income Tax Assessment Act 1936

Sub-section 159P(3A) -

Omit " 30% " , substitute " 29% " .

Sub-section 159ZK(1) -

Omit " 30% " , substitute " 29% " .

Paragraphs 160AAA(1)(g) and (h) -

Omit " $5,595 " , substitute " $6,142 " .

Sub-section 160AAA(2) -

Omit the sub-section, substitute the following sub-section:

" (2) Subject to sub-section (3), where the assessable income of a taxpayer of a year of income includes an amount paid by way of -

(a) a benefit under Part VII of the Social Security Act 1947 ;

(b) a benefit received as a grant of Tertiary Education Assistance under the Student Assistance Act 1973 ; or

the taxpayer is entitled in his or her assessment in respect of income of the year of income to a rebate of tax of -

(d) where, at any time during the year of income, the taxpayer was married -

(i) if the taxable income of the taxpayer of the year of income does not exceed $9,436 - $280; and

(ii) if the taxable income of the taxpayer of the year of income exceeds $9,436 - $280 reduced by 12.5 cents for each $1 of the amount of the excess; and

(e) in any other case -

(i) if the taxable income of the taxpayer of the year of income does not exceed $5,669 - $190; and

(ii) if the taxable income of the taxpayer of the year of income exceeds $5,669 - $190 reduced by 12.5 cents for each $1 of the amount of the excess. " .

Sub-section 160AAB(2) -

Omit " 30 per cent " , substitute " 29% " .

Sub-sections 160AAB(3), (4), (5), (5A) and (6) -

Omit " 30% " , substitute " 29% " .

Sub-section 160AAB(7) -

Omit the sub-section.

Paragraph 160AA(1)(b) -

Omit " $4,595 " , substitute " the tax threshold " .

Paragraph 160AA(1)(d) -

Omit the paragraph, substitute the following paragraph:

" (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% of the qualifying 24% amount (if any) in relation to the taxpayer in relation to the year of income;

(iii) 29% of the qualifying 29% amount (if any) in relation to the taxpayer in relation to the year of income; and

(iv) 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), (ii) and (iii), " .

Sub-section 160AA(2) (definition of " non-resident taxpayer " ) -

Omit " Income Tax (Rates) Act 1982 " , substitute " Income Tax Rates Act 1986 " .

Sub-section 160AA(2) (definition of " qualifying 25% amount " ) -

Omit the definition, substitute the following definitions:

" ' qualifying 24% 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 notional (non-lump sum) taxable income; and

(b) in any other case - nil;

' qualifying 29% 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 and the qualifying 24% 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

Sub-section 160AA(2) (definition of " relevant income amount " ) -

Omit " $4,595 " (wherever occurring), substitute " the tax threshold " .

Sub-section 160AA(2) (definition of " resident taxpayer " ) -

Omit " Income Tax (Rates) Act 1982 " , substitute " Income Tax Rates Act 1986 " .

Sub-section 160AA(2) -

Add at the end the following definition.

" ' tax threshold ' means $5,100 or, where by reason of the application of section 20 of the Income Tax Rates Act 1986 in relation to the taxpayer that Act applies as if the reference in the table in Part I of Schedule 7 to that Act to $5,100 were a reference to a different amount, that different amount. " .

Sub-section 160ZYO(1) -

Omit " of " (first occurring), substitute " or " .

Sub-section 221AC(2) -

Omit the sub-section, substitute the following sub-section:

" (2) Instalments of tax are not payable in respect of the income of a year of income unless an Act imposing income tax on taxable incomes of companies of the year of income or the preceding year of income provides that instalments of tax are payable in respect of income of the first-mentioned year of income in accordance with the provisions of this Division. " .

Sub-section 221ZB(1) -

Omit " 6% " , substitute " 5.8% " .

Income Tax (Bearer Debentures) Act 1971

Paragraph 6(b) -

Omit sub-paragraphs (ii) and (iii), substitute the following sub-paragraphs:

" (ii) in relation to an amount of interest paid or credited on or after 6 December 1974 and before 23 November 1983 - 55%;

(iii) in relation to an amount of interest paid or credited on or after 23 November 1983 and before 1 December 1986 - 60%;

(iv) in relation to an amount of interest paid or credited on or after 1 December 1986 and before 1 July 1987 - 55%; or

(v) in relation to an amount of interest paid or credited on or after 1 July 1987 - 49%. " .

Income Tax (Mining Withholding Tax) Act 1979

Section 6 -

Omit " 6% " , substitute " 5.8% " .

Income Tax (Rates) Act 1982

Sub-section 3(1) (paragraph (b) of the definition of " prescribed non-resident " ) -

Omit " all subsequent " , substitute " the next 2 succeeding " .

Section 5 -

Omit " all subsequent " , substitute " the next 3 succeeding " .

Heading to Part V -

Omit " AND SUBSEQUENT FINANCIAL YEARS " .

Section 22 -

Omit " and for all subsequent financial years " .

Heading to Schedule 19 -