Income Tax Assessment Act 1936
View history note
Hide history noteSubdiv AAA repealed by No 15 of 2007, s 3 and Sch 1 item 7, applicable to the 2007-08 income year and later years.
Subdiv AAA inserted by No 105 of 1989.
(Repealed by No 15 of 2007)
S 159SG repealed by No 15 of 2007, s 3 and Sch 1 item 7, applicable to the 2007-08 income year and later years. S 159SG formerly read:
For the purposes of this Subdivision, the upper limit is:
S 159SG(1) amended by No 7 of 1993. [
CCH Note:
The following amounts are the upper limits for income years commencing with 1989/90:
SECTION 159SG UPPER LIMIT FOR WORKING OUT RESIDUAL AMOUNT
159SG(1)
[Upper limits]
(a)
(Omitted by No 7 of 1993)
(b)
(Omitted by No 7 of 1993)
(c)
in relation to the year of income commencing on 1 July 1988
-
$60,000; or
(d)
in relation to a later year of income
-
the amount calculated by multiplying the upper limit for the immediately preceding year of income by the indexation factor calculated under subsection (2) for the later year of income.
Income year
Upper limit
1989/90
$64,500
1990/91
$68,628
1991/92
$73,776
1992/93
$76,949
1993/94
$77,796
1994/95
$79,975
1995/96
$83,574
1996/97
$86,917
1997/98
$90,916
1998/99
$94,189
1999/2000
$97,109
2000/01
$101,188
2001/02
$105,843
2002/03
$112,405
2003/04
$117,576
2004/05
$123,808
2005/06
$129,751
2006/07
$135,590]
159SG(2) [Indexation factor]
The indexation factor for a year of income is whichever is the greater of the following:
(a) 1;
(b) the factor (calculated to 3 decimal places) ascertained by dividing the index number (defined in subsection (3)) for the March quarter immediately preceding 1 July in the year of income by the index number for the March quarter immediately preceding that first-mentioned March quarter.
159SG(3) [Index number]
The index number for a quarter is the estimate of full-time adult average weekly ordinary time earnings for the middle month of the quarter published by the Australian Statistician in respect of that month.
159SG(4) [Substituted index number]
If at any time, whether before or after the commencement of this subsection, the Australian Statistician has published or publishes an index number in respect of a quarter in substitution for an index number previously published by the Australian Statistician in respect of that quarter, the publication of the later index number shall be disregarded for the purposes of this section.
159SG(5) [Factor to be calculated to 3 decimal places]
If the factor ascertained under paragraph (2)(b) in relation to a year of income would, if it were calculated to 4 decimal places, end with a number greater than 4, the factor ascertained under that paragraph in relation to that year of income shall be taken to be that factor calculated to 3 decimal places and increased by 0.001.
S 159SG inserted by No 105 of 1989.