Tax Laws Amendment (2006 Measures No. 5) Act 2006 (110 of 2006)

Schedule 3   Removing part-year tax-free threshold for taxpayers who have ceased to be full-time students

Income Tax Rates Act 1986

8   Subsection 20(1)

Repeal the subsection, substitute:

(1) If there are one or more part-year residency periods in relation to a person in relation to a year of income, this Act applies in relation to the person and the year of income as if the reference in the table in Part I of Schedule 7 to $6,000 were a reference to the amount calculated in accordance with the following formula: