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 12A   RATE OF EXTRA INCOME TAX FOR PRIMARY PRODUCERS  

12A(1)   [ Rate specified]  

This section sets the rate of extra income tax payable under subsection 392-35(3) of the Income Tax Assessment Act 1997 on every dollar of a taxpayer ' s averaging component for a year of income.

12A(2)   [ Calculation of rate]  

The rate is worked out using the formula:


Averaging adjustment
Averaging component

12A(3)  


(Repealed by No 83 of 1999)

12A(4)  


(Repealed by No 83 of 1999)

12A(5)  


(Repealed by No 83 of 1999)

12A(6)   Rate if taxable income is less than tax-free threshold adjusted by family tax assistance.  

In this section:

"adjusted tax-free threshold"
(Repealed by No 83 of 1999)

averaging adjustment
means the taxpayer ' s smoothing adjustment, worked out for the year of income under section 392-75 of the Income Tax Assessment Act 1997 .

averaging component
means the taxpayer ' s averaging component in whole dollars, worked out for the year of income under Subdivision 392-C of the Income Tax Assessment Act 1997.

"lowest marginal rate of tax"
(Repealed by No 83 of 1999)

"taxable income"
(Repealed by No 83 of 1999)

"tax-free threshold increase"
(Repealed by No 83 of 1999)




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