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A NEW TAX SYSTEM (PERSONAL INCOME TAX CUTS) ACT 1999 NO. 69, 1999 - SCHEDULE 1

- Amendment of the Income Tax Rates Act 1986

1 Paragraph 20C(1)(b)

Omit "taxpayers'", substitute "taxpayer's".

2 Subsection 20C(1)

After "Schedule 7", insert "(as in force immediately before the commencement of the A New Tax System (Personal Income Tax Cuts) Act 1999 )".

3 Paragraph 20C(2)(a)

Omit "1997-98", substitute "2000-01".

4 Paragraph 20C(2)(b)

Omit "taxpayers'", substitute "taxpayer's".

5 Subsection 20C(2)

Omit "$1,000", substitute "$2,000".

6 Paragraph 20D(1)(b)

Omit "taxpayers'" (wherever occurring), substitute "taxpayer's".

7 Subsection 20D(1)

After "Schedule 7", insert "(as in force immediately before the commencement of the A New Tax System (Personal Income Tax Cuts) Act 1999 )".

8 Paragraph 20D(2)(a)

Omit "1997-98", substitute "2000-01".

9 Paragraph 20D(2)(b)

Omit "taxpayers'" (wherever occurring), substitute "taxpayer's".

10 Subsection 20D(2)

Omit "$2,500", substitute "$5,000".

11 Subsection 20E(2) (table)

Repeal the table, substitute:


Tax rates for resident taxpayer

Column 1
For the part of the ordinary taxable income of the taxpayer that:
Column 2
The rate is:
exceeds $20,000 but does not exceed the adjusted tax-free threshold
13%
exceeds the adjusted tax-free threshold but does not exceed $50,000
30%
exceeds $50,000 but does not exceed $60,000
42%
exceeds $60,000
47%
Note: The heading to section 20E is altered by omitting " $20,700 " and substituting " $20,000 ".

12 Subsection 20S(3)

Omit "$1,000" (wherever occurring), substitute "$2,000".

13 After subsection 20T(3)

Omit "$2,500" (wherever occurring), substitute "$5,000".

14 Clause 1 of Part I of Schedule 7 (table)

Repeal the table, substitute:


Tax rates for resident taxpayer

Column 1
For the part of the ordinary taxable income of the taxpayer that:
Column 2
The rate is:
exceeds $6,000 but does not exceed $20,000
17%
exceeds $20,000 but does not exceed $50,000
30%
exceeds $50,000 but does not exceed $60,000
42%
exceeds $60,000
47%

15 Clause 1 of Part II of Schedule 7 (table)

Repeal the table, substitute:


Tax rates for non-resident taxpayer

Column 1
For the part of the ordinary taxable income of the taxpayer that:
Column 2
The rate is:
does not exceed $20,000
29%
exceeds $20,000 but does not exceed $50,000
30%
exceeds $50,000 but does not exceed $60,000
42%
exceeds $60 ,000
47%

16 Amendment of listed provisions

Each of the following provisions is amended by omitting "$5,400" (wherever occurring) and substituting "$6,000":

Paragraphs 12A(3)(b) and (4)(b)
Subsection 12A(6) (definitions of adjusted tax-free threshold and tax-free threshold increase )
Subsections 20(1) and (2)
Subsection 20C(2)
Subsection 20D(2)
Subsection 20E(3) (definitions of adjusted tax-free threshold and tax-free threshold increase )
Subsection 20F(3) (definition of tax-free threshold increase )
Subsection 20G(5) (definitions of tax-free threshold and tax-free threshold increase )
Section 20H (definition of tax-free threshold increase )
Subsection 20U(1) (definitions of section 20C tax-free threshold increase and section 20D tax-free threshold increase )
Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8
Paragraph 2(b) of Part I of Schedule 10

17 Amendment of listed provisions

Each of the following provisions is amended by omitting "$20,700" (wherever occurring) and substituting "$20,000":

Subsection 20E(1)
Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8
Paragraph 2(b) of Part I of Schedule 10


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