INCOME TAX RATES ACT 1986
SchedulesSCHEDULE 7 - GENERAL RATES OF TAX
(a) the taxable income of a resident taxpayer consists of or includes a special income component; and
(b) Division 16 of Part III of the Assessment Act does not apply to the income of the taxpayer; and
(c) Division 392 (Long-term averaging of primary producers ' tax liability) of the Income Tax Assessment Act 1997 does not apply to the taxpayer ' s assessment;
the rate of tax for every $1 of the taxable income is the amount ascertained in accordance with the formula
A is the amount of tax that would be payable by the taxpayer under clause 1 on a taxable income equal to the reduced taxable income;
B is 5 times the difference between -
C is the number of whole dollars in the taxable income.
In applying the formula, component B is to be worked out on the assumption that the whole of the taxable income is ordinary taxable income.