INCOME TAX RATES ACT 1986
SchedulesSCHEDULE 8 - NOTIONAL RATES FOR THE PURPOSES OF SECTION 156 OF THE ASSESSMENT ACT
PART I - RESIDENT TAXPAYERS, RESIDENT BENEFICIARIES AND RESIDENT TRUST ESTATES Division 1 - Normal notional rate SECTION 2. 2.
Subject to clause 3, the notional rate in respect of income to which this Division applies is, for every $1 of the taxable income, the amount ascertained by determining the tax that would be payable if the rates set out in Part I of Schedule 7 were applied to a taxable income equal to the taxpayer ' s average income and dividing the resultant amount by a number equal to the number of whole dollars in that average income.