INCOME TAX RATES ACT 1986

This compilation was prepared on 1 July 2009
taking into account amendments up to Act No. 14 of 2009

The text of any of those amendments not in force
on that date is appended in the Notes section

The operation of amendments that have been incorporated may be
affected by application provisions that are set out in the Notes section

Prepared by the Office of Legislative Drafting and Publishing,
Attorney‑General's Department, Canberra

Contents

Part I--Preliminary 1

1............ Short title [see Note 1] ....................................................................... 1

2............ Commencement [see Note 1] .............................................................. 1

3............ Interpretation ...................................................................................... 1

4............ Incorporation ...................................................................................... 6

Part II--Rates of income tax payable upon incomes other than incomes of companies, prescribed unit trusts, superannuation funds and certain other trusts 7

Division 1--Preliminary 7

5............ Interpretation ...................................................................................... 7

Division 3--Rates of tax 8

Subdivision B--Rates of tax and notional rates 8

12.......... Rates of tax and notional rates ............................................................ 8

12A....... Rate of extra income tax for primary producers ............................... 10

Subdivision C--Resident taxpayers, resident beneficiaries and resident trust estates 11

13.......... Rates of tax where Division 6AA of Part III of the Assessment Act applies 11

14.......... Limitation on tax payable by certain trustees .................................. 15

Subdivision D--Non‑resident taxpayers, non‑resident beneficiaries and non‑resident trust estates 16

15.......... Rates of tax where Division 6AA of Part III of the Assessment Act applies 16

Division 4--Pro‑rating of the tax‑free threshold 20

16.......... Interpretation .................................................................................... 20

18.......... Part‑year residency period ............................................................... 20

20.......... Pro‑rating of the tax‑free threshold ................................................... 21

Part III--Rates of income tax payable upon incomes of companies, prescribed unit trusts, superannuation funds and certain other trusts 22

21.......... Interpretation .................................................................................... 22

22.......... Act to be deemed to be the Act declaring rates of income tax .......... 22

23.......... Rates of tax payable by companies .................................................. 22

23A....... Rates of tax payable by life insurance companies ............................ 23

24.......... Rate of tax payable by trustees of corporate unit trusts .................. 24

25.......... Rate of tax payable by trustees of public trading trusts .................. 24

26.......... Rates of tax payable by trustees of superannuation funds .............. 24

27.......... Rates of tax payable by trustees of approved deposit funds ........... 24

27A....... Rates of tax payable by trustees of pooled superannuation trusts .. 24

28.......... Rates of tax payable by certain trustees to whom section 98 of the Assessment Act applies 25

29.......... Rate of tax on no‑TFN contributions income ................................... 25

30.......... Rate of tax in relation to trustee of FHSA trust ............................... 26

Schedule 7--General rates of tax 27

Part I--Resident taxpayers 27

Part II--Non‑resident taxpayers 30

Schedule 8--Notional rates for the purposes of section 156 of the Assessment Act 32

Part I--Resident taxpayers, resident beneficiaries and resident trust estates 32

Division 1--Normal notional rate 32

Division 2--Notional rates in respect of certain trust income 33

Part II--Non‑resident taxpayers, non‑resident beneficiaries and non‑resident trust estates 35

Division 1--Normal notional rate 35

Division 2--Notional rates in respect of certain trust income 36

Schedule 10--Rates of tax payable by a trustee under section 98 or 99 of the Assessment Act 37

Part I--Resident beneficiaries and resident trust estates 37

Part II--Non‑resident beneficiaries and non‑resident trust estates 38

Schedule 11--Rates of tax payable on eligible taxable income 39

Part I--Resident taxpayers 39

Part II--Non‑resident taxpayers 41

Schedule 12--Rates of tax payable by a trustee under section 98 of the Assessment Act where Division 6AA of Part III of that Act applies 43

Part I--Resident beneficiaries 43

Part II--Non‑resident beneficiaries 44

Notes 45

Notes to the Income Tax Rates Act 1986

Note 1

The Income Tax Rates Act 1986 as shown in this compilation comprises Act No. 107, 1986 amended as indicated in the Tables below.

All relevant information pertaining to application, saving or transitional provisions prior to 8 July 1997 is not included in this compilation. For subsequent information see Table A.

Table of Acts

Act	Number and year	Date of Assent	Date of commencement	Application, saving or transitional provisions
Income Tax Rates Act 1986	107, 1986	4 Nov 1986	4 Nov 1986
Income Tax Rates Amendment Act 1987	60, 1987	5 June 1987	5 June 1987	S. 10
Taxation Laws Amendment Act (No. 4) 1987	138, 1987	18 Dec 1987	Part III (ss. 53-62): Royal Assent (a)	Ss. 61 and 62
Taxation Laws Amendment Act 1988	11, 1988	26 Apr 1988	S. 14: 24 June 1986 Part VI (ss. 43, 44): 1 Sept 1987 Part VII (ss. 45, 46): 6 Nov 1987 Part VIII (ss. 47, 48): 18 Dec 1987 (see s. 2(5)) Part IX (ss. 49, 50): 18 Dec 1987 (see s. 2(6)) Remainder: Royal Assent	--
Taxation Laws Amendment Act (No. 2) 1988	78, 1988	24 June 1988	Part II (ss. 3-6), ss. 37, 39-53 and 55(15)-(25): 1 Nov 1988 (see Gazette 1988, No. S331) S. 14(2): 1 July 1988 S. 15: 22 Dec 1986 Part VI (ss. 62-64): 22 July 1986 Part VII (ss. 65, 66): 18 Dec 1987 Remainder: Royal Assent	--
Income Tax Rates Amendment Act 1988	118, 1988	13 Dec 1988	13 Dec 1988	S. 7
Taxation Laws Amendment (Rates and Rebates) Act 1989	70, 1989	21 June 1989	21 June 1989	S. 7
Income Tax Rates Amendment Act 1989	98, 1989	30 June 1989	30 June 1989	Ss. 6 and 7
Income Tax Rates Amendment Act (No. 2) 1989	106, 1989	30 June 1989	Ss. 5-7 and 9: (b) Remainder: Royal Assent	Ss. 8 and 9
Taxation Laws Amendment (Rates and Provisional Tax) Act 1990	87, 1990	6 Nov 1990	S. 4: 1 July 1991 Remainder: Royal Assent	Ss. 3(2), 4(2) and 5
Taxation Laws Amendment Act 1991	48, 1991	24 Apr 1991	Ss. 91, 92, 93(1), 94, 95, 97(1), (2), 98 and 99: Royal Assent (c) Ss. 93(2), 96 and 97(3): 1 July 1991 (c)	Ss. 97-99
Taxation Laws Amendment Act (No. 2) 1991	100, 1991	27 June 1991	Part 4 (ss. 85-88): Royal Assent (d)	S. 88
Taxation Laws Amendment Act (No. 3) 1991	216, 1991	24 Dec 1991	S. 88 and Part 5 (ss. 104, 105): Royal Assent (e)	S. 105(2)
Taxation Laws Amendment Act (No. 3) 1992	98, 1992	30 June 1992	Ss. 32-36: 1 July 1992 Remainder: Royal Assent	S. 85
Tax Legislation Amendment Act 1992	197, 1992	21 Dec 1992	(f)	--
Taxation Laws Amendment (Superannuation) Act 1993	7, 1993	27 May 1993	S. 35: Royal Assent (g) Ss. 36-42: 1 July 1994 (g)	S. 43
Taxation Laws Amendment Act (No. 2) 1993	18, 1993	9 June 1993	Part 5 (ss. 62-67): Royal Assent (h)	S. 67
Taxation (Deficit Reduction) Act (No. 2) 1993	55, 1993	27 Oct 1993	Ss. 16-18: Royal Assent (i) S. 19: 1 July 2000 (i)	S. 17 S. 2 (am. by 94, 1995 [Sch. 2, item 1]; 174, 1997 [Sch.8, item 1]; 58, 2000 [Sch. 7, item 1]) S. 18(2) (am. by 94, 1995 [Sch. 2, item 5]; 174, 1997 [Sch 8, item 6]; 58, 2000 [Sch. 7, item 3]) S. 19(2) (am. by 174, 1997 [Sch. 8, item 8]; 58, 2000 [Sch. 7, item5])
as amended by
Taxation Laws Amendment (Budget Measures) Act 1995	94, 1995	27 July 1995	Schedule 3 (Part 2 [items 5, 6]): 1 July 1995 Schedule 9: Royal Assent Remainder: 9 May 1995	--
Taxation Laws Amendment Act (No. 4) 1997	174, 1997	21 Nov 1997	Schedule 8: 1 July 1997 Remainder: Royal Assent	--
Taxation Laws Amendment Act (No. 2) 2000	58, 2000	31 May 2000	Schedule 7: Royal Assent (ia)	--
Taxation (Deficit Reduction) Act (No. 1) 1993	57, 1993	27 Oct 1993	27 Oct 1993	Ss. 36 and 37(2) S. 37(3) and (4) (am. by 94, 1995, s. 3 [Sch. 1, items 1, 2])
as amended by
Taxation Laws Amendment (Budget Measures) Act 1995	94, 1995	27 July 1995	Schedule 3 (Part 2 [items 5, 6]): 1 July 1995 Schedule 9: Royal Assent Remainder: 9 May 1995	--
Taxation (Deficit Reduction) Act (No. 3) 1993	58, 1993	27 Oct 1993	S. 6: 1 July 1994 Remainder: Royal Assent	Ss. 3, 5(2), 6(2), (3), 7(2), (3) and 8
Income Tax Rates Amendment Act 1994	173, 1994	16 Dec 1994	16 Dec 1994	S. 5
Taxation Laws Amendment Act (No. 4) 1994	181, 1994	19 Dec 1994	Schedule 1 (items 22-85): 13 Oct 1994 Remainder: Royal Assent	Sch. 2 (items 1, 4)
Income Tax Rates Amendment Act 1995	90, 1995	27 July 1995	27 July 1995	S. 3 (item 10)
Income Tax Rates Amendment (Family Tax Initiative) Act 1996	64, 1996	27 Nov 1996	1 Jan 1997	S. 3
Retirement Savings Accounts (Consequential Amendments) Act 1997	62, 1997	28 May 1997	2 June 1997 (see s. 2 and Gazette 1997, No. S202)	--
Tax Law Improvement Act 1997	121, 1997	8 July 1997	S. 4: Royal Assent (j) Schedule 6 (items 134-137): (j)	S. 4 [see Table A]
Income Tax Rates Amendment Act (No. 1) 1997	124, 1997	15 Sept 1997	15 Sept 1997	Sch. 1 (item 14) and Sch. 2 (item 10) [see Table A]
as amended by
A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999	83, 1999	8 July 1999	Schedule 10 (item 63): (ja) Schedule 10 (item 68(1): (ja)	Sch. 10 (item 68(1)) [see Table A]
Social Security Legislation Amendment (Parenting and Other Measures) Act 1997	197, 1997	11 Dec 1997	Schedule 1 (item 344): 20 Mar 1998 (k)	--
Tax Law Improvement Act (No. 1) 1998	46, 1998	22 June 1998	S. 4: Royal Assent (l) Schedule 2 (items 546, 547), Schedule 6 (items 31-46), Schedule 8 (item 10): (l)	S. 4 [see Table A]
Income Tax Rates Amendment (RSAs Provided by Registered Organizations) Act 1999	41, 1999	9 June 1999	1 July 1999 (see s. 2 and Gazette 1999, No. S283)	--
A New Tax System (Personal Income Tax Cuts) Act 1999	69, 1999	8 July 1999	9 July 1999 (see s. 2)	Sch. 3 (item 1(1)) [see Table A]
A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 1) 1999	82, 1999	8 July 1999	Schedule 8 (items 26, 29): 1 July 2000 (m)	Sch. 8 (item 29) [see Table A]
A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999	83, 1999	8 July 1999	Schedule 10 (items 55-62, 68(1)): 1 July 2000 (n)	Sch. 10 (item 68(1)) [see Table A]
as amended by
Family and Community Services Legislation Amendment (1999 Budget and Other Measures) Act 1999	172, 1999	10 Dec 1999	Schedule 2 (item 1): (na)	--
New Business Tax System (Income Tax Rates) Act (No. 1) 1999	167, 1999	10 Dec 1999	Schedule 2: 1 July 2001 Remainder: 1 July 2000	Sch. 1 (item 12) and Sch. 2 (item 12) [see Table A]
New Business Tax System (Income Tax Rates) Act (No. 2) 1999	168, 1999	10 Dec 1999	10 Dec 1999	Sch. 1 (items 16-27) [see Table A]
A New Tax System (Tax Administration) Act 1999	179, 1999	22 Dec 1999	Schedule 11 (item 106): 1 July 2000 (o)	--
Taxation Laws Amendment Act (No. 6) 2000	76, 2000	28 June 2000	28 June 2000	Sch 1 (item 8(1)) [see Table A]
New Business Tax System (Miscellaneous) Act (No. 2) 2000	89, 2000	30 June 2000	Schedule 2 (items 89-111): Royal Assent (p)	--
New Business Tax System (Capital Allowances--Transitional and Consquential) Act 2001	77, 2001	30 June 2001	Schedule 2 (items 477-479, 488(1)): Royal Assent (q)	Sch. 2 (item 488(1)) (am. by 119, 2002, Sch. 3 [item 97]) [see Table A]
as amended by
Taxation Laws Amendment Act (No. 5) 2002	119, 2002	2 Dec 2002	Schedule 3 (item 97): (r)	--
Taxation Laws Amendment Act (No. 2) 2001	167, 2001	1 Oct 2001	Schedule 6 (items 4-6): Royal Assent (s)	Sch. 6 (item 6) [see Table A]
Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003	45, 2003	24 June 2003	24 June 2003	S. 4 [see Table A]
Taxation Laws Amendment Act (No. 5) 2003	142, 2003	17 Dec 2003	Schedule 6 (items 1-8, 21): Royal Assent Schedule 6 (items 22, 23): (t)	Sch. 6 (items 21, 23) [see Table A]
Military Rehabilitation and Compensation (Consequential and Transitional Provisions) Act 2004	52, 2004	27 Apr 2004	Schedule 3 (items 24-29): 1 July 2004 ( see s. 2)	--
Tax Laws Amendment (Personal Income Tax Reduction) Act 2004	67, 2004	22 June 2004	22 June 2004	Sch. 1 (item 3) [see Table A]
Taxation Laws Amendment Act (No. 1) 2004	101, 2004	30 June 2004	Schedule 11 (items 47, 48): (u) Schedule 11 (items 147-153): Royal Assent	Sch. 11 (items 48, 153) [see Table A]
Tax Laws Amendment (Personal Income Tax Reduction) Act 2005	101, 2005	12 Aug 2005	12 Aug 2005	S. 4 [see Table A]
Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006	55, 2006	19 June 2006	Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent	Sch. 1 (item 32(1)) [see Table A]
Tax Laws Amendment (2006 Measures No. 2) Act 2006	58, 2006	22 June 2006	Schedule 7 (items 114-119): Royal Assent	Sch. 7 (items 115, 119) [see Table A]
Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006	101, 2006	14 Sept 2006	Schedule 1 (items 1, 263-265), Schedule 2 (items 780-792) and Schedule 6 (items 1, 6-11): Royal Assent	Sch. 6 (items 1, 6-11) [see Table A]
Tax Laws Amendment (2006 Measures No. 5) Act 2006	110, 2006	23 Oct 2006	Schedule 3: Royal Assent	Sch. 3 (item 9) [see Table A]
Tax Laws Amendment (Simplified Superannuation) Act 2007	9, 2007	15 Mar 2007	Schedule 1 (items 18, 24(1)): Royal Assent	Sch. 1 (item 24(1)) [see Table A]
Income Tax Rates Amendment (Superannuation) Act 2007	19, 2007	15 Mar 2007	(v)	Sch. 1 (item 35) [see Table A]
Tax Laws Amendment (Personal Income Tax Reduction) Act 2007	76, 2007	21 June 2007	21 June 2007	Sch. 1 (items 11, 16) [see Table A]
Tax Laws Amendment (2007 Measures No. 3) Act 2007	79, 2007	21 June 2007	Schedule 9 (items 27-29, 30(1), 31, 32): Royal Assent	Sch. 9 (items 30(1), 31, 32) [see Table A]
Tax Laws Amendment (2007 Measures No. 4) Act 2007	143, 2007	24 Sept 2007	Schedule 7 (items 73-96): Royal Assent	Sch. 7 (item 96) [see Table A]
Tax Laws Amendment (Personal Income Tax Reduction) Act 2008	29, 2008	23 June 2008	Schedule 1 (items 3-6, 10): 1 July 2008 Schedule 1 (items 13-16, 20): 1 July 2009 Schedule 1 (items 23-26, 30): [see Note 2 and Table A]	Sch. 1 (items 10, 20, 30) [see Table A]
First Home Saver Accounts (Consequential Amendments) Act 2008	45, 2008	25 June 2008	Schedule 1 (items 45-52), Schedule 6 (items 1, 17) and Schedule 7 (items 54, 55): 26 June 2008	--
Tax Laws Amendment (2008 Measures No. 6) Act 2009	14, 2009	26 Mar 2009	Schedule 4 (items 35, 36): Royal Assent	Sch. 4 (item 36) [see Table A]

(a) The Income Tax Rates Act 1986 was amended by Part III (sections 53-62) only of the Taxation Laws Amendment Act (No. 4) 1987, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act shall come into operation on the day on which it receives the Royal Assent.

(b) Subsection 2(2) of the Income Tax Rates Amendment Act (No. 2) 1989, provides as follows:

(2) Sections 5, 6, 7 and 9 commence, or shall be taken to have commenced, as the case requires, immediately after the commencement of the Income Tax Rates Amendment Act 1989.

The Income Tax Rates Amendment Act 1989 came into operation on 30 June 1989.

(c) The Income Tax Rates Act 1986 was amended by sections 91-99 only of the Taxation Laws Amendment Act 1991, subsections 2(1) and (4) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(4) Section 32, subsections 84(9) and 93(2), section 96 and subsection 97(3) commence on 1 July 1991.

(d) The Income Tax Rates Act 1986 was amended by Part 4 (sections 85-88) only of the Taxation Laws Amendment Act (No. 2) 1991, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(e) The Income Tax Rates Act 1986 was amended by section 88 and Part 5 (sections 104 and 105) only of the Taxation Laws Amendment Act (No. 3) 1991, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(f) The Tax Legislation Amendment Act 1992 was repealed by section 9 of the Taxation (Deficit Reduction) Act (No. 3) 1993 before it came into operation.

(g) The Income Tax Rates Act 1986 was amended by sections 35-42 only of the Taxation Laws Amendment (Superannuation) Act 1993, subsections 2(1) and (2)(b) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2) The following provisions commence on 1 July 1994:

(b) Division 2 of Part 3;

(h) The Income Tax Rates Act 1986 was amended by Part 5 (sections 62-67) only of the Taxation Laws Amendment Act (No. 2) 1993, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(i) The Income Tax Rates Act 1986 was amended by sections 16-19 only of the Taxation (Deficit Reduction) Act (No. 2) 1993, subsections 2(1) and (4) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(4) Subdivision C of Division 2 of Part 4 commences on 1 July 1999.

(ia) The Taxation (Deficit Reduction) Act (No. 2) 1993 was amended by Schedule 7 only of the Taxation Laws Amendment Act (No. 2) 2000, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(j) The Income Tax Rates Act 1986 was amended by Schedule 6 (items 134-137) only of the Tax Law Improvement Act 1997, subsections 2(1)-(3) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2) Schedule 1 commences on 1 July 1997 immediately after the commencement of the Income Tax Assessment Act 1997.

(3) Each of the other Schedules (except Schedule 12) commences immediately after the commencement of the immediately preceding Schedule.

(ja) The Income Tax Rates Amendment Act (No. 1) 1997 was amended by Schedule 10 (item 63) only of the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999, subsections 2(2) and (7) of which provide as follows:

(2) Schedule 1 (Parts 1 to 5), Schedules 3 to 6, Schedule 7 (other than item 14), Schedules 8 and 9, Schedule 10 (other than items 22, 63, 66 and 67) and Schedule 11 (items 3 and 4 only) commence, or are taken to have commenced, on the commencement of Schedule 1 to the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 1) 1999.

(7) Item 63 of Schedule 10 is taken to have commenced immediately after the commencement of item 2 of Schedule 1 to the Income Tax Rates Amendment Act (No. 1) 1997.

Schedule 1 (item 2) of the Income Tax Rates Amendment Act (No. 1) 1997 commenced on 15 September 1997.

(k) The Income Tax Rates Act 1986 was amended by Schedule 1 (item 344) only of the Social Security Legislation Amendment (Parenting and Other Measures) Act 1997, subsection 2(2) of which provides as follows:

(2) Part 3 of Schedule 1 commences on 1 July 1998. The remaining items of Schedule 1 commence on 20 March 1998.

(l) The Income Tax Rates Act 1986 was amended by Schedule 2 (items 546 and 547), Schedule 6 (items 31-46) and Schedule 8 (item 10) only of the Tax Law Improvement Act (No. 1) 1998, subsections 2(1), (2) and (4) of which provide as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(2) Schedule 2 (except item 3 of it) commences immediately after the commencement of Schedule 1.

(4) Each of Schedules 4 to 8 commences immediately after the commencement of the immediately preceding Schedule.

Schedule 1 commenced on Royal Assent.

(m) The Income Tax Rates Act 1986 was amended by Schedule 8 (item 26) only of the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 1) 1999, subsection 2(2) of which provides as follows:

(2) Schedule 1, item 3 of Schedule 2 and Schedules 3 to 8 commence, or are taken to have commenced, immediately after the commencement of:

(a) the A New Tax System (Family Assistance) Act 1999; and

(b) Schedules 1, 2 and 3 of the A New Tax System (Compensation Measures Legislation Amendment) Act 1999.

(n) The Income Tax Rates Act 1986 was amended by Schedule 10 (items 55-62) only of the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999, subsection 2(2) of which provides as follows:

(na) The A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999 was amended by Schedule 2 (item 1) only of the Family and Community Services Legislation Amendment (1999 Budget and Other Measures) Act 1999, subsection 2(4) of which provides as follows:

(4) Schedule 2 commences, or is taken to have commenced, immediately after the commencement of section 2 of the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999.

Section 2 commenced on 8 July 1999.

(o) The Income Tax Rates Act 1986 was amended by Schedule 11 (item 106) only of the A New Tax System (Tax Administration) Act 1999, subsection (9)(b) of which provides as follows:

(9) The following provisions commence on 1 July 2000:

(b) Schedule 11 (other than item 44).

(p) The Income Tax Rates Act 1986 was amended by Schedule 1 (items 89-111) only of the New Business Tax System (Miscellaneous) Act (No. 2) 2000, subsection 2(1) of which provides as follows:

(1) Subject to this section, this Act commences on the day on which it receives the Royal Assent.

(q) The Income Tax Rates Act 1986 was amended by Schedule 2 (items 477-479) only of the New Business Tax System (Capital Allowances--Transitional and Consequential) Act 2001, subsection 2(1) of which provides as follows:

(1) Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent.

(r) Subsection 2(1) (item 9) of the Taxation Laws Amendment Act (No. 5) 2002 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

Commencement information
Column 1	Column 2	Column 3
Provision(s)	Commencement	Date/Details
9. Items 79 to 99 of Schedule 3	Immediately after the commencement of section 2 of the New Business Tax System (Capital Allowances--Transitional and Consequential) Act 2001	30 June 2001

(s) The Income Tax Rates Act 1986 was amended by Schedule 6 (items 4 and 5) only of the Taxation Laws Amendment Act (No. 2) 2001, subsection 2(1) of which provides as follows:

(1) Subject to subsection (2), this Act commences on the day on which it receives the Royal Assent.

(t) Subsection 2(1) (item 9) of the Taxation Laws Amendment Act (No. 5) 2003 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

Provision(s)	Commencement	Date/Details
9. Schedule 6, Part 2	Immediately after the commencement of Division 2 of Part 3 of the Taxation Laws Amendment (Superannuation) Act 1993	1 July 1994

(u) Subsection 2(1) (item 14) of the Taxation Laws Amendment Act (No. 1) 2004 provides as follows:

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, on the day or at the time specified in column 2 of the table.

Provision(s)	Commencement	Date/Details
14. Schedule 11, Part 4	Immediately after the start of 1 July 2000	1 July 2000

(v) Section 2 of the Income Tax Rates Amendment (Superannuation) Act 2007 provides as follows:

2 This Act commences immediately after the commencement of Schedule 1 to the Tax Laws Amendment (Simplified Superannuation) Act 2007.

Schedule 1 commenced on 15 March 2007.

Table of Amendments

ad. = added or inserted am. = amended rep. = repealed rs. = repealed and substituted
Provision affected	How affected
Part I
S. 3...................................	am. No. 138, 1987; No. 11, 1988; Nos. 98 and 106, 1989; Nos. 48 and 100, 1991; No. 98, 1992; No. 7, 1993; No. 181, 1994; Nos. 62 and 121, 1997; No. 46, 1998; Nos. 41 and 168, 1999; No. 89, 2000; No. 77, 2001; No. 142, 2003; No. 52, 2004; No. 101, 2006; Nos. 19 and 143, 2007; No. 45, 2008
Part II
Division 1
S. 5...................................	am. No. 138, 1987; No. 98, 1989; No. 79, 2007
Div. 2 of Part II .................	rep. No. 70, 1989
S. 6...................................	rep. No. 70, 1989
S. 7...................................	am. No. 138, 1987
	rep. No. 70, 1989
Ss. 8-10...........................	rep. No. 70, 1989
Division 3
Heading to Div. 3 of ......... Part II	rs. No. 70, 1989
Subdiv. A of Div. 3 of....... Part II	rep. No. 70, 1989
S. 11.................................	rep. No. 70, 1989
Subdivision B
S. 12.................................	am. No. 138, 1987; No. 70, 1989; No. 121, 1997; No. 124, 1997 (as am. by 83, 1999); No. 46, 1998; No. 83, 1999; No. 77, 2001; No. 101, 2004; Nos. 55 and 101, 2006
S. 12A .............................	ad. No. 46, 1998
	am. Nos. 69 and 83, 1999
Subdivision C
S. 13.................................	am. No. 70, 1989; Nos. 55 and 101, 2006
S. 14.................................	am. No. 70, 1989; No. 48, 1991; No. 167, 2001; No. 58, 2006
Subdivision D
S. 15.................................	am. No. 70, 1989; Nos. 55 and 101, 2006
Division 4
S. 16.................................	am. No. 78, 1988; Nos. 48, 100 and 216, 1991; No. 179, 1999; No. 76, 2000; No. 52, 2004; No. 110, 2006
S. 16A..............................	ad. No. 64, 1996
	rep. No. 83, 1999
S. 17.................................	rep. No. 110, 2006
S. 19.................................	rep. No. 110, 2006
S. 20.................................	am. No. 70, 1989; No. 87, 1990; No. 69, 1999: No. 167, 2001; No. 110, 2006
Div 5. of Part II..................	ad. No. 64, 1996
	rep. No. 82, 1999
S. 20A..............................	ad. No. 64, 1996
	rep. No. 82, 1999
S. 20B..............................	ad. No. 64, 1996
	am. No. 124, 1997
	rep. No. 82, 1999
S. 20C..............................	ad. No. 64, 1996
	am. No. 124, 1997; No. 69, 1999
	rep. No. 82, 1999
S. 20D..............................	ad. No. 64, 1996
	am. Nos. 124 and 197, 1997; No. 69, 1999
	rep. No. 82, 1999
Heading to s. 20E.............	am. No. 69, 1999
	rep. No. 82, 1999
S. 20E...............................	ad. No. 64, 1996
	am. No. 124, 1997; No. 69, 1999
	rep. No. 82, 1999
Heading to s. 20F.............	am. No. 168, 1999
	rep. No. 82, 1999
S. 20F...............................	am. Nos. 69 and 168, 1999
	rep. No. 82, 1999
S. 20G..............................	ad. No. 64, 1996
	am. No. 124, 1997; No. 46, 1998; No. 69, 1999
	rep. No. 82, 1999
Note to s. 20G(5) ............	ad. No. 46, 1998
	rep. No. 82, 1999
S. 20H..............................	ad. No. 64, 1996
	am. Nos. 121 and 124, 1997; No. 69, 1999
	rep. No. 82, 1999
S. 20J...............................	ad. No. 64, 1996
	am. No. 124, 1997
	rep. No. 82, 1999
Ss. 20K-20R....................	ad. No. 64, 1996
	rep. No. 82, 1999
Ss. 20S, 20T....................	ad. No. 64, 1996
	am. No. 69, 1999
	rep. No. 82, 1999
S. 20U..............................	ad. No. 64, 1996
	am. No. 124, 1997; No. 69, 1999
	rep. No. 82, 1999
S. 20V..............................	ad. No. 64, 1996
	rep. No. 82, 1999
Part III
S. 22.................................	am. No. 60, 1987
S. 23.................................	am. No. 60, 1987; No. 118, 1988; No. 106, 1989; No. 98, 1992; Nos. 18, 55 and 57, 1993; Nos. 173 and 181, 1994; No. 90, 1995; No. 62, 1997; Nos. 41 and 167, 1999; No. 89, 2000; No. 101, 2004; No. 55, 2006; No. 143, 2007; No. 45, 2008; No. 14, 2009
S. 23A..............................	ad. No. 89, 2000
	am. No. 143, 2007; No. 45, 2008
Ss. 23B, 23C....................	ad. No. 89, 2000
	rep. No. 143, 2007
Ss. 24, 25.........................	am. No. 60, 1987; No. 118, 1988; No. 18, 1993; No. 90, 1995; No. 167, 1999
Ss. 26, 27.........................	am. Nos. 60 and 138, 1987
	rs. No. 98, 1989
	am. No. 106, 1989; No. 55, 2006; No. 19, 2007
S. 27A..............................	ad. No. 98, 1989
	am. No. 106, 1989; No. 55, 2006; No. 19, 2007
S. 28.................................	ad. No. 60, 1987
	am. No. 118, 1988; No. 18, 1993; No. 90, 1995; No. 167, 1999
	rs. No. 79, 2007
S. 29.................................	ad. No. 9, 2007
	am. Nos. 19 and 143, 2007
S. 30.................................	ad. No. 45, 2008
Schedule 1.......................	am. No. 138, 1987
	rep. No. 70, 1989
Schedule 2.......................	rep. No. 70, 1989
Schedule 3.......................	am. No. 138, 1987
	rep. No. 70, 1989
Schedule 4.......................	rep. No. 70, 1989
Schedule 5.......................	am. No. 138, 1987
	rep. No. 70, 1987
Schedule 6.......................	rep. No. 70, 1987
Schedule 7
Schedule 7.......................	am. No. 138, 1987; No. 70, 1989; No. 87, 1990; No. 48, 1991; Nos. 7 and 58, 1993; No. 46, 1998; No. 69, 1999; Nos. 45 and 142, 2003; No. 67, 2004; No. 101, 2005; Nos. 55 and 58, 2006; Nos. 19 and 76, 2007; No. 29, 2008
Schedule 8
Schedule 8.......................	am. No. 70, 1989; No. 87, 1990; No. 7, 1993; No. 64, 1996; No. 69, 1999; No. 45, 2003; No. 55, 2006; No. 76, 2007; No. 29, 2008
Schedule 9.......................	am. No. 138, 1987; No. 70, 1989; No. 7, 1993; No. 121, 1997; No. 77, 2001; No. 142, 2003
	rep. No. 101, 2006
Schedule 10
Schedule 10.....................	am. No. 70, 1989; No. 87, 1990; No. 7, 1993; No. 69, 1999; No. 45, 2003; Nos. 55, 58 and 101, 2006; No. 76, 2007; No. 29, 2008
Schedule 11
Schedule 11.....................	am. No. 138, 1987; No. 70, 1989; No. 7, 1993; No. 46, 1998; Nos. 55 and 101, 2006
Schedule 12
Schedule 12.....................	am. No. 70, 1989; No. 7, 1993; No. 168, 1999; Nos. 55 and 101, 2006

Tax rates for resident taxpayers
1	exceeds $6,000 but does not exceed $37,000	15%
2	exceeds $37,000 but does not exceed $80,000	30%
3	exceeds $80,000 but does not exceed $180,000	37%
4	exceeds $180,000	45%

Tax rates for non‑resident taxpayers
1	does not exceed $37,000	29%
2	exceeds $37,000 but does not exceed $80,000	30%
3	exceeds $80,000 but does not exceed $180,000	37%
4	exceeds $180,000	45%

Table A

Application, saving or transitional provisions

Tax Law Improvement Act 1997 (No. 121, 1997)

4 Application of amendments

An amendment made by an item in a Schedule (except Schedule 1) applies to assessments for the 1997‑98 income year and later income years, unless otherwise indicated in that Schedule.

Income Tax Rates Amendment Act (No. 1) 1997 (No. 124, 1997)

Schedule 1

14 Application

The amendments made by this Schedule apply in relation to the 1996‑97 year of income and to all later years of income.

Schedule 2

10 Application

The amendments made by this Schedule apply in relation to the 1996‑97 year of income and to all later years of income.

Tax Law Improvement Act 1998 (No. 46, 1998)

4 Application of amendments

An amendment made by an item in a Schedule (except an item in Schedule 1 or in Part 1 of any of Schedules 2 to 8) applies to assessments for the 1998‑99 income year and later income years, unless otherwise indicated in the Schedule in which the item appears.

A New Tax System (Personal Income Tax Cuts) Act 1999 (No. 69, 1999)

Schedule 3

1 Application

(1) Subject to subitem (2), the amendments made by this Act (except items 1, 2, 4, 6, 7 and 9 of Schedule 1) apply to assessments for the 2000‑2001 income year and later income years.

A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 1) 1999 (No. 82, 1999)

Schedule 8

29 Application

The amendments made by this Schedule apply to assessments in relation to the 2000‑2001 year of income and later years of income.

A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999 (No. 83, 1999)

Schedule 10

68 Application

(1) Subject to this item, the amendments made by this Schedule apply to assessments in relation to the 2000‑2001 year of income and later years of income.

New Business Tax System (Income Tax Rates) Act (No. 1) 1999 (No. 167, 1999)

Schedule 1

12 Application of amendments made by this Schedule

The amendments made by this Schedule apply to assessments in respect of taxable income, or a trust estate's net income, of the 2000‑01 year of income.

Schedule 2

12 Application of amendments made by this Schedule

The amendments made by this Schedule apply to assessments in respect of taxable income, or a trust estate's net income, of the 2001‑02 year of income and of later years of income.

New Business Tax System (Income Tax Rates) Act (No. 2) 1999 (No. 168, 1999)

Schedule 1

16 Application of amendments

The amendments made by this Schedule apply in relation to the 1999‑2000 year of income and later years of income.

17 Overview of Part

(1) This Part provides for your basic income tax liability for the 1999‑2000 income year to be reduced in certain circumstances if you have made a capital gain from a CGT event before the start time.

(2) The purpose of this Part is to ensure, as far as is practicable, that the income tax payable in relation to capital gains from CGT events before the start time is the same as it would have been if capital gains tax averaging had not been removed.

18 Part is a special provision for working out your basic income tax liability

(1) This Part is a special provision that applies (as mentioned in paragraph (b) of step 2 of subsection 4‑10(3) of the Income Tax Assessment Act 1997) to working out your basic income tax liability on your taxable income.

(2) This Part is to be applied after any other special provisions that apply to you.

19 When this Part applies

Only applies for 1999‑2000 income year

(1) This Part only applies for the 1999‑2000 income year.

Only applies to individuals and certain trustees

(2) This Part only applies to you if you are:

(a) an individual and your assessable income included a net capital gain; or

(b) a trustee of a trust estate and, apart from the amendments made by this Act, clause 3 of Part I or clause 3 of Part II of Schedule 12 to the Income Tax Rates Act 1986 would have applied in working out your basic income tax liability; or

(c) a trustee of a trust estate and Schedule 10 to the Income Tax Rates Act 1986 applied in working out your basic tax liability and, apart from the amendments made by this Act, the share of the net income of the trust estate referred to in that Schedule would consist of, or include, a capital gains component.

Only applies if capital gain made before the start time

(3) This Part does not apply to you unless you made a capital gain as a result of a CGT event that happened during the income year and before the start time and the capital gain is not disregarded.

20 Meaning of start time

In this Part:

start time means 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999.

21 Working out if you are entitled to a reduction

You are entitled to a reduction to your basic income tax liability if the following amounts are both greater than zero:

(a) your gross adjustment amount under item 22;

(b) your pre‑announcement net capital gain amount worked out under item 23.

The amount of the reduction is worked out under item 24.

22 Working out the gross adjustment amount

Work out your gross adjustment amount as follows:

Method statement

Step 1. Work out the amount that would have been your basic income tax liability for the income year if the amendments made by:

(a) Schedules 8 and 9 to the New Business Tax System (Integrity and Other Measures) Act 1999; and

(b) Schedule 1 to the New Business Tax System (Capital Gains Tax) Act 1999;

had not been made.

Step 2. Work out the amount that would have been your basic income tax liability for the income year if the amendments made by:

(a) Schedules 8 and 9 to the New Business Tax System (Integrity and Other Measures) Act 1999; and

(b) Schedule 1 to the New Business Tax System (Capital Gains Tax) Act 1999; and

had not been made.

Step 3. Subtract the amount worked out under step 2 from the amount worked out under step 1. The result is the gross adjustment amount.

If the result is zero or negative, you are not entitled to any reduction.

23 Working out your net capital gain amounts

Working out your pre‑announcement net capital gain amount

(1) Your pre‑announcement net capital gain amount is the amount that would have been your modified net capital gain amount if any capital gains or capital losses arising after the start time were disregarded.

Working out your modified net capital gain amount

(2) Your modified net capital gain amount is the amount that would have been your net capital gain for the income year if:

(a) the amendments made by:

(i) Schedules 8 and 9 to the New Business Tax System (Integrity and Other Measures) Act 1999; and

(ii) Schedule 1 to the New Business Tax System (Capital Gains Tax) Act 1999;

had not been made; and

(b) you did not have any unapplied net capital losses from previous income years; and

(i) part of the special income component and eligible taxable income for the purposes of Division 6AA of Part III of the Assessment Act; and

(ii) part of the capital gains component and net income to which Division 6AA of Part III of the Assessment Act applies;

were disregarded.

24 Working out the amount of your reduction

(1) The amount of the reduction in your basic income tax liability is worked out using the formula:

Working out your capital gain adjustment percentage

(2) Your capital gain adjustment percentage is the percentage worked out using the following formula:

25 Choices

If:

(a) the calculation of an amount under this Part could be affected by a choice or election that you could make under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997; and

(b) apart from the operation of this Part, you would not need to have made that choice or election;

you may calculate the amount for the purpose of this Part as if you had made the election or choice.

26 Income from trust estates

To avoid doubt, if your assessable income includes a share of the net income of a trust estate, the assumptions and other adjustments required by this Part are taken, for the purpose of the operation of this Part to you, to have applied in relation to the calculation of the net income of the trust.

27 Interpretation

Expressions used in this Act that are defined in the Income Tax Assessment Act 1997 have the same meaning as in that Act.

Taxation Laws Amendment Act (No. 6) 2000 (No. 76, 2000)

Schedule 1

8 Application of amendments

(1) The amendments made by items 1, 2 and 6 apply to assessments for the 1999‑2000 year of income and all later years of income.

(2) The amendments made by items 3 and 4 apply in relation to the quotation of TFNs on or after 11 November 1999.

(3) The amendment made by item 5 applies to payments made on or after 11 November 1999.

(4) The amendment made by item 7 applies to payments made on or after 1 July 2000.

New Business Tax System (Capital Allowances--Transitional and Consequential) Act 2001 (No. 77, 2001)

Schedule 2

488 Application

(1) Subject to this item, the amendments made by this Schedule apply to:

(a) depreciating assets:

(i) you start to hold under a contract entered into after 30 June 2001; or

(ii) you constructed where the construction started after that day; or

(iii) you start to hold in some other way after that day; and

(b) expenditure that does not form part of the cost of a depreciating asset incurred after that day.

Taxation Laws Amendment Act (No. 2) 2001 (No. 167, 2001)

Schedule 6

6 Application

The amendments of the Income Tax Rates Act 1986 made by this Schedule apply to assessments for the 2000‑2001 income year and all later income years.

Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003
(No. 45, 2003)

4 Application

The amendments made by Schedule 1 apply to assessments for the 2003‑2004 income year and later income years.

Taxation Laws Amendment Act (No. 5) 2003 (No. 142, 2003)

Schedule 6

21 Application

The amendments made by this Part apply to eligible termination payments (as defined in section 27A of the Income Tax Assessment Act 1936) made on or after 1 July 2002.

23 Application

The amendment made by this Part applies to assessments for the 1994‑95 year of income and later years of income.

Tax Laws Amendment (Personal Income Tax Reduction) Act 2004
(No. 67, 2004)

Schedule 1

3 Application

The amendments made by this Schedule apply to assessments for the 2004‑05 year of income and later years.

Taxation Laws Amendment Act (No. 1) 2004 (No. 101, 2004)

Schedule 11

48 Application

The amendment of subparagraph 23(4A)(c)(i) of the Income Tax Rates Act 1986 made by this Division applies in relation to the year of income including 1 July 2000 and later years of income.

153 Application

The amendments of the Income Tax Rates Act 1986 (except the amendment of subsection 12(6) of that Act) made by this Part apply to assessments for the 1998‑99 year of income and later years of income.

Tax Laws Amendment (Personal Income Tax Reduction) Act 2005
(No. 101, 2005)

4 Application

The amendments made by Schedule 1 apply to assessments for the 2005‑2006 year of income and later years of income.

Tax Laws Amendment (Personal Tax Reduction and Improved Depreciation Arrangements) Act 2006 (No. 55, 2006)

Schedule 1

32 Application

(1) The amendments made by this Schedule, except the amendment of the Income Tax (Bearer Debentures) Act 1971, apply to assessments for the 2006‑2007 year of income and later years of income.

Tax Laws Amendment (2006 Measures No. 2) Act 2006 (No. 58, 2006)

Schedule 7

115 Application

The amendment made by item 114 applies to assessments for the 2005‑06 income year and later income years.

119 Application

The amendment made by item 118 applies to assessments for the 2003‑04 income year and later income years.

Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006
(No. 101, 2006)

Schedule 6

1 Application of Schedule 1 and 2 amendments

Except as mentioned in items 2 and 3, the repeals and amendments made by Schedules 1 and 2 apply:

(a) so far as they affect assessments--to assessments for the 2006‑07 income year and all later income years; and

(b) otherwise--to acts done or omitted to be done, or states of affairs existing, after the commencement of the repeals and amendments.

6 Object

The object of this Part is to ensure that, despite the repeals and amendments made by this Act, the full legal and administrative consequences of:

(a) any act done or omitted to be done; or

(b) any state of affairs existing; or

before such a repeal or amendment applies, can continue to arise and be carried out, directly or indirectly through an indefinite number of steps, even if some or all of those steps are taken after the repeal or amendment applies.

7 Making and amending assessments, and doing other things, in relation to past matters

Even though an Act is repealed or amended by this Act, the repeal or amendment is disregarded for the purpose of doing any of the following under any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003):

(a) making or amending an assessment (including under a provision that is itself repealed or amended);

(b) exercising any right or power, performing any obligation or duty or doing any other thing (including under a provision that is itself repealed or amended);

in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

Example 1: On 31 July 1999, Greg Ltd lodged its annual return under former section 160ARE of the Income Tax Assessment Act 1936. The return stated that the company had a credit on its franking account and that no franking deficit tax was payable for the 1998‑99 franking year. Under former section 160ARH of that Act, the Commissioner was taken to have made an assessment consistent with the return.

Following an audit undertaken after the repeal of Part IIIAA of that Act, the Commissioner concludes that Greg Ltd fraudulently overfranked dividends it paid during the 1998‑99 franking year, and had a franking account deficit for that franking year. As a result, the Commissioner considers that franking deficit tax and a penalty by way of additional tax are payable.

The Commissioner can amend the assessment under former section 160ARN of that Act, because item 7 of this Schedule disregards the repeal of that section for the purposes of making an assessment in relation to the 1998‑99 franking year. Item 7 will also disregard the repeal of Division 11 of former Part IIIAA to the extent necessary for the Commissioner to assess Greg Ltd's liability to a penalty by way of additional tax.

Despite the repeal of sections 160ARU and 160ARV, item 9 will ensure that the general interest charge will accrue on the unpaid franking deficit tax and penalty until they are paid.

Item 7 will also preserve Greg Ltd's right, under former section 160ART of that Act, to object against the Commissioner's amended assessment (including the penalty), since the objection is the exercise of a right in relation to a franking year that ended before the repeal of Part IIIAA.

Example 2: During the 1997‑98 income year, Duffy Property Ltd withheld amounts from its employees' wages as required by former Divisions 1AAA and 2 of Part VI of the Income Tax Assessment Act 1936. The company failed to notify the Commissioner of those amounts, and failed to remit them to the Commissioner.

Following an audit undertaken after the repeal of those Divisions, the Commissioner discovers that the withheld amounts have not been remitted. The company's records are incomplete and the Commissioner is unable to completely ascertain the extent of its liability for the withheld amounts. Under section 222AGA of that Act, the Commissioner makes an estimate of the liability.

Item 7 will disregard the repeal of section 220AAZA of that Act (which empowered the Commissioner to recover the amount of the estimate). Even though the estimate is made after the repeal, it relates to amounts withheld before the repeal.

8 Saving of provisions about effect of assessments

If a provision or part of a provision that is repealed or amended by this Act deals with the effect of an assessment, the repeal or amendment is disregarded in relation to assessments made, before or after the repeal or amendment applies, in relation to any act done or omitted to be done, any state of affairs existing, or any period ending, before the repeal or amendment applies.

9 Saving of provisions about general interest charge, failure to notify penalty or late reconciliation statement penalty

If:

(a) a provision or part of a provision that is repealed or amended by this Act provides for the payment of:

(i) general interest charge, failure to notify penalty or late reconciliation statement penalty (all within the meaning of the Income Tax Assessment Act 1936); or

(ii) interest under the Taxation (Interest on Overpayments and Early Payments) Act 1983; and

(b) in a particular case, the period in respect of which the charge, penalty or interest is payable (whether under the provision or under the Taxation Administration Act 1953) has not begun, or has begun but not ended, when the provision is repealed or amended;

then, despite the repeal or amendment, the provision or part continues to apply in the particular case until the end of the period.

10 Repeals disregarded for the purposes of dependent provisions

If the operation of a provision (the subject provision) of any Act or legislative instrument (within the meaning of the Legislative Instruments Act 2003) made under any Act depends to any extent on an Act, or a provision of an Act, that is repealed by this Act, the repeal is disregarded so far as it affects the operation of the subject provision.

11 Schedule does not limit operation of section 8 of the Acts Interpretation Act 1901

This Schedule does not limit the operation of section 8 of the Acts Interpretation Act 1901.

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

Schedule 3

9 Application

The amendments made by this Schedule apply to assessments for the 2006‑2007 year of income and later years of income.

Tax Laws Amendment (Simplified Superannuation) Act 2007 (No. 9, 2007)

Schedule 1

24 Application

(1) The amendments made by this Part of this Schedule apply to the 2007‑2008 income year and later years.

Income Tax Rates Amendment (Superannuation) Act 2007 (No. 19, 2007)

Schedule 1

35 Application

(1) The amendments made by this Schedule apply to the 2007‑2008 income year and later years.

(2) Despite subitem (1), those amendments apply on and after 1 July 2007, to the extent that they relate to any of the following:

(a) Divisions 82 and 83 of the Income Tax Assessment Act 1997;

(b) Divisions 301 to 307 of that Act.

Tax Laws Amendment (Personal Income Tax Reduction) Act 2007
(No. 76, 2007)

Schedule 1

11 Application

The amendments made by this Part apply to assessments for the 2007‑08 year of income and later years of income.

16 Application

The amendments made by this Part apply to assessments for the 2008‑09 year of income and later years of income.

Tax Laws Amendment (2007 Measures No. 3) Act 2007 (No. 79, 2007)

Schedule 9

30 Application

(1) Subject to items 31, 32 and 33 of this Schedule, the amendments made by this Schedule, other than items 13 and 23, apply in relation to income years starting on or after 1 July 2006.

31 Transitional provision--trusts that ceased to exist before introduction

Subsection 98(4) of the Income Tax Assessment Act 1936, as inserted by item 1 of this Schedule, does not apply in relation to a trustee of a trust that ceased to exist before the Bill for this Act was introduced into the House of Representatives.

32 Transitional provision--managed investment trusts

(1) This item applies in relation to the following income years:

(a) the first income year starting on or after 1 July 2006;

(b) the income year immediately prior to the first income year starting on or after the first 1 July after the day on which this Act receives the Royal Assent;

(2) In this item, expressions mean the same as in the Income Tax Assessment Act 1997.

(3) Subsection 98(4) of the Income Tax Assessment Act 1936, as inserted by item 1 of this Schedule, does not apply in relation to a trustee of a trust in relation to an income year to which this item applies if the conditions in subitems (4) to (6) are satisfied for the trust for the income year.

(4) The trust must be a resident trust estate for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 for the income year.

(5) At each of the times in the income year mentioned in subitem (9), the trust must be a managed investment scheme (as defined by section 9 of the Corporations Act 2001) and be operated by a financial services licensee (as defined by section 761A of that Act) whose licence covers operating such a managed investment scheme.

(6) At each of the times in the income year mentioned in subitem (9), one of the following must be satisfied:

(a) units in the trust must be listed for quotation in the official list of an approved stock exchange in Australia;

(b) the trust must have at least 50 members (ignoring objects of a trust);

(7) These are the entities:

(a) a life insurance company;

(b) a complying superannuation fund, a complying approved deposit fund or a foreign superannuation fund, being a fund that has at least 50 members;

(c) a trust that satisfies the conditions in subitems (4) and (5) and also satisfies the condition in paragraph (a) or (b) of subitem (6);

(d) an entity that is recognised, under a foreign law relating to corporate regulation, as an entity with a similar status to a managed investment scheme and that has at least 50 members;

(e) a trust:

(i) interests in which are owned directly by an entity covered by an earlier paragraph; or

(ii) interests in which are held indirectly by an entity covered by an earlier paragraph through a *chain of trusts;

where the conditions in subitems (4) and (5) are satisfied for the trust, or for each trust in the chain.

(8) The condition in subitem (6) is not satisfied for a trust at a time if, at that time, one foreign resident individual, directly or indirectly:

(a) held, or had the right to acquire, interests representing 10% or more of the value of the interests in the trust; or

(b) had the control of, or the ability to control, 10% or more of the rights attaching to membership interests in the trust; or

(9) The times in an income year are:

(a) for a trust that was in existence throughout the income year--the first day and the last day of the income year; and

(b) for a trust that comes into existence in the income year--the time that is 1 month after the time the trust comes into existence, and the last day of the income year; and

(c) for a trust that ceases to exist in the income year--the first day of the income year and the time that is 1 month before the time the trust ceases to exist.

Tax Laws Amendment (2007 Measures No. 4) Act 2007 (No. 143, 2007)

Schedule 7

96 Application

The amendments made by items 73 to 95 apply to assessments for the 2007‑08 income year and later income years.

Tax Laws Amendment (Personal Income Tax Reduction) Act 2008
(No. 29, 2008)

Schedule 1

10 Application

The amendments made by this Part apply to assessments for the 2008‑09 year of income.

20 Application

The amendments made by this Part apply to assessments for the 2009‑10 year of income.

The following provision commences on 1 July 2010:

Schedule 1

30 Application

The amendments made by this Part apply to assessments for the 2010‑11 year of income and later years of income.

Tax Laws Amendment (2008 Measures No. 6) Act 2009 (No. 14, 2009)

Schedule 4

36 Application

The amendment made by item 35 applies to assessments for the 2007‑08 income year and later income years.

Commonwealth Consolidated Acts

INCOME TAX RATES ACT 1986 - NOTES

Tax rates for resident taxpayers
Item	For the part of the ordinary taxable income of the taxpayer that:	The rate is:
1	exceeds $6,000 but does not exceed $37,000	15%
2	exceeds $37,000 but does not exceed $80,000	30%
3	exceeds $80,000 but does not exceed $180,000	37%
4	exceeds $180,000	45%