Income Tax Rates Amendment (Working Holiday Maker Reform) Act (No. 2) 2016 (92 of 2016)

Schedule 1   Amendments

Part 1   Amendments

Income Tax Rates Act 1986

4   At the end of Part I of Schedule 7

Add:

4. If the resident taxpayer is a working holiday maker at any time during the year of income:

(a) count the taxpayer's working holiday taxable income for the year of income as the first parts (starting from $0) of the taxpayer's ordinary taxable income for the purposes of the table in clause 1; and

(b) do not apply the rates in that table to that working holiday taxable income; and

(c) do not count that working holiday taxable income when working out the taxpayer's taxable income for the purposes of clause 2 or 3.

Note: The rates for the taxpayer's working holiday taxable income for the year of income are set out in Part III.