Income Tax Rates Act 1986
View history note
Hide history noteThis section sets the rate of extra income tax payable under subsection 119-10(1) of the Income Tax Assessment Act 1997 on every dollar of a taxpayer ' s minimum tax capital gain for a year of income.
12AA(2)
The rate is worked out using the formula:
| Minimum tax gap amount for the year | ||
| Minimum tax capital gain for the year |
12AA(3)
In this section:
minimum tax capital gain
means the taxpayer
'
s minimum tax capital gain, within the meaning of the
Income Tax Assessment Act 1997
, in whole dollars.
minimum tax gap amount
means the taxpayer
'
s minimum tax gap amount, within the meaning of the
Income Tax Assessment Act 1997
, in whole dollars.
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