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RETIREMENT SAVINGS ACCOUNTS (CONSEQUENTIAL AMENDMENTS) ACT 1997 - SCHEDULE 18

- Amendment of the Income Tax Rates Act 1986 1 Subsection 3(1)

Insert:

"general fund component" has the same meaning as in Division 8 of Part III of the Assessment Act.

2 Subsection 3(1) (definition of non-fund component )

Repeal the definition.

3 Subsection 3(1)

Insert:

"RSA component":

(a)
in relation to a life assurance company—has the same meaning as in Division 8 of Part III of the Assessment Act; or
(b)
in any other case—has the same meaning as in Part IX of the Assessment Act.
4 Subsection 3(1) (definition of standard component )

Repeal the definition, substitute:

"standard component":

(a)
in relation to a life assurance company—has the same meaning as in Division 8 of Part III of the Assessment Act; or
(b)
in any other case—has the same meaning as in Part IX of the Assessment Act.
5 After paragraph 23(2)(c)

Insert:

(ca)
an RSA provider; or
6 After paragraph 23(4A)(b)

Insert:

(ba)
in respect of the RSA component of the general fund component—15%;
7 Paragraph 23(4A)(c)

Omit "non-fund component", substitute "standard component of the general fund component".

8 After subsection 23(4B)

Insert:

(4BA)
The rates of tax in respect of the taxable income of a company, other than a life assurance company that is an RSA provider are:

(a)
in respect of the RSA component—15%; and
(b)
in respect of the standard component—36%.


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