INCOME TAX RATES ACT 1986 - SCHEDULE 10 Rates of tax payable by a trustee under section 98 or 99 of the Assessment Act

INCOME TAX RATES ACT 1986 - SCHEDULE 10

Subsection   12(6)

Part   I -- Resident beneficiaries and resident trust estates

  1.   In the case of a trustee who is liable to be assessed and to pay tax:

  (a)   under section   98 of the Assessment Act in respect of a share of a resident beneficiary of the net income of a trust estate; or

  (b)   under section   99 of the Assessment Act in respect of the net income or part of the net income of a resident trust estate, being the net income or part of the net income of the estate of a deceased person who died less than 3 years before the end of the year of income;

the rate of tax in respect of that share of the net income or that net income or that part of that net income is the rate that would be payable under Part   I of Schedule   7 if one individual were liable to be assessed and to pay tax on that income as his or her taxable income.

  2.   In the case of a trustee who is liable to be assessed and to pay tax under section   99 of the Assessment Act in respect of the net income or part of the net income of a resident trust estate, other than income to which clause   1 applies, the rate of tax is the rate that would be payable under Part   I of Schedule   7 in respect of a taxable income equal to that net income or that part of the net income if:

  (a)   one individual were liable to be assessed and to pay tax on that income; and

  (b)   the words "exceeds the tax - free threshold but" were omitted from item   1 of the table applicable to the year of income in Part   I of Schedule   7.

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

    In the case of a trustee who is liable to be assessed and to pay tax:

  (a)   under section   98 of the Assessment Act in respect of a share of a non - resident beneficiary of the net income of a trust estate; or

  (b)   under section   99 of the Assessment Act in respect of the net income or part of the net income of a non - resident trust estate;

the rate of tax in respect of that share of the net income or that net income or that part of that net income is the rate that would be payable under Part   II of Schedule   7 if one individual were liable to be assessed and to pay tax on that income as his or her taxable income.