Commonwealth Numbered Acts

INCOME TAX (ASSESSMENT AND RATES) AMENDMENT ACT 1981 No. 109 of 1981 - SCHEDULE

                                    SCHEDULE                          Section
47
SCHEDULES TO BE ADDED TO THE INCOME TAX (RATES) ACT 1976

                                  "SCHEDULE 23              Sub-section 6P
(1)

GENERAL RATES OF TAX - FINANCIAL YEAR 1981-82 AND SUBSEQUENT

FINANCIAL YEARS

The rate of tax in respect of each part of the taxable income specified in
column 1 of the following table is -

   (a)  if a rate is set out in column 2 of that table opposite to the
        reference to that part of the taxable income but a rate is not set out
        in column 3 of that table opposite to that reference - the rate so set
        out in column 2; and

   (b)  in any other case - the sum of the rate set out in column 2 and the
        rate set out in column 3 of that table opposite to the reference to
        that part of the taxable income:
        ------------------------------------------------------------------------------
-- Column 1                                            Column 2

Column 3 Rate                Rate

per centum         per centum Parts of Taxable Income (standard rate)
(surcharge)
------------------------------------------------------------------------------
-- The part of the taxable income that -

exceeds $4,195 but does not exceed $17,894 . . . . . . . 32 Nil exceeds
$17,894 but does not exceed $35,788 . . . . . . . 32 14 exceeds $35,788 . . .
. . . . . . . . . . . . . . . . . . 32 28
------------------------------------------------------------------------------
-- -----------
                                  "SCHEDULE 24              Sub-section 6P
(2)

NOTIONAL RATES FOR THE PURPOSES OF SECTION 156 OF THE ASSESSMENT

ACT - FINANCIAL YEAR 1981-82 AND SUBSEQUENT FINANCIAL YEARS

PART I - NORMAL NOTIONAL RATE

1. This Part applies to the income of a taxpayer, other than income in respect
of which a trustee is liable to be assessed and to pay tax in pursuance of
section 98 or 99 of the Assessment Act, if Division 16 of Part III of the
Assessment Act applies in relation to that income.

2. The notional rate in respect of income to which this Part applies is, for
every $1 of the taxable income, the amount ascertained by determining the tax
that would be payable if the rates set out in Schedule 23 were applied to a
taxable income equal to his average income and dividing the resultant amount
by a number equal to the number of whole dollars in that average income.

PART II - NOTIONAL RATES IN RESPECT OF CERTAIN TRUST INCOME

1. This Part applies to a share of the net income of a trust estate or to the
net income or a part of the net income of a trust estate if -

   (a)  the trustee of the trust estate is liable to be assessed and to pay
        tax in pursuance of section 98 of the Assessment Act in respect of
        that share, or is liable to be assessed and to pay tax in pursuance of
        section 99 of the Assessment Act in respect of that net income or that
        part of that net income of the trust estate, as the case may be; and

   (b)  Division 16 of Part III of the Assessment Act applies in relation to
        that share, or in relation to that net income or that part of that net
        income, as the case may be.



2. The notional rate in respect of income to which this Part applies is -

   (a)  in a case where the income is -

        (i)    a share of the net income of a trust estate in respect of which
               the trustee is liable to be assessed and to pay tax in
               pursuance of section 98 of the Assessment Act; or

        (ii)   the net income or a part of the net income of a trust estate in
               respect of which the trustee is liable to be assessed and to
               pay tax in pursuance to section 99 of the Assessment Act, being
               net income or a 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 that would be calculated in accordance with Part I if that income
were the taxable income of one individual and were not income in respect of
which a trustee is liable to be assessed and to pay tax in pursuance of
section 98 or 99 of the Assessment Act; and

   (b)  in any other case - the rate that would be calculated under Part I in
        respect of a taxable income equal to the net income if -

        (i)    that income were the taxable income of one individual and were
               not income in respect of which a trustee is liable to be
               assessed and to pay tax in pursuance of section 99 of the
               Assessment Act; and

        (ii)   the reference in column 1 of the table in Schedule 23 to the
               part of the taxable income that exceeds $4,195 but does not
               exceed $17,894 were a reference to the part of the taxable
               income that does not exceed $17,894.
----------
                                  "SCHEDULE 25              Sub-section 6P
(3)

RATE OF TAX BY REFERENCE TO A NOTIONAL INCOME - FINANCIAL
YEAR 1981-82 AND SUBSEQUENT FINANCIAL YEARS

For every $1 of the taxable income of a taxpayer deriving a notional income,
as specified by section 59AB, 86 or 158D of the Assessment Act, the rate of
tax is the amount ascertained by dividing the amount of the tax that would be
payable under Schedule 23 upon a taxable income equal to his notional income
by a number equal to the number of whole dollars in that notional income.
----------
                                  "SCHEDULE 26              Sub-section 6P
(4)

RATES OF TAX PAYABLE BY A TRUSTEE IN PURSUANCE OF SECTION
98 OR 99 OF THE ASSESSMENT ACT - FINANCIAL YEAR 1981-82 AND
SUBSEQUENT FINANCIAL YEARS

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

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

   (b)  in pursuance of section 99 of the Assessment Act in respect of the net
        income or a 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
Schedule 23 or 25, as the case requires, if one individual were liable to be
assessed and to pay tax on that income as his taxable income.

2. In the case of a trustee who is liable to be assessed and to pay tax in
pursuance of section 99 of the Assessment Act in respect of the net income of
a trust estate, other than income to which clause 1 applies, the rate of tax
is the rate that would be payable under Schedule 23, or 25, as the case
requires, in respect of a taxable income equal to the net income if -

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

   (b)  the reference in column 1 of the table in Schedule 23 to the part of
        the taxable income that exceeds $4,195 but does not exceed $17,894
        were a reference to the part of the taxable income that does not
        exceed $17,894.
----------
                                  "SCHEDULE 27              Sub-section 6Q
(1)

RATES OF TAX PAYABLE BY A TAXPAYER WHOSE ELIGIBLE
TAXABLE INCOME EXCEEDS $1,040 - FINANCIAL YEAR 1981-82 AND
SUBSEQUENT FINANCIAL YEARS

The rates of tax payable by a taxpayer whose eligible taxable income for the
purposes of Division 6AA of Part III of the Assessment Act exceeds $1,040 are
-

   (a)  in respect of that part (in this Schedule referred to as the 'relevant
        part') of the taxable income of the taxpayer other than the eligible
        taxable income of the taxpayer - the rates that would be payable under
        Schedule 23 or 25, as the case requires, if the relevant part of that
        taxable income were the taxable income of the taxpayer; and

   (b)  in respect of the eligible taxable income of the taxpayer -

        (i)    in a case where the taxable income of the taxpayer does not
               exceed $35,788 - 46%;

        (ii)   in a case where the taxable income of the taxpayer exceeds
               $35,788 but the relevant part of the taxable income of the
               taxpayer is less than $35,788 -

                (A)  in respect of so much of the eligible taxable income of
                     the taxpayer as is equal to the amount ascertained by
                     deducting from $35,788 the amount of the relevant part of
                     the taxable income of the taxpayer - 46,; and

                (B)  in respect of the remainder of the eligible taxable
                     income of the taxpayer - 60%; and

        (iii)  in any other case - 60%.
----------
                                  "SCHEDULE 28    Sub-sections 6Q (3) and (4)


RATES OF TAX PAYABLE BY A TRUSTEE IN PURSUANCE OF
SECTION 98 OF THE ASSESSMENT ACT WHERE DIVISION 6AA OF PART III OF
THAT ACT APPLIES - FINANCIAL YEAR 1981-82
AND SUBSEQUENT FINANCIAL YEARS

The rates of tax payable by a trustee of a trust estate in pursuance of
section 98 of the Assessment Act in respect of a share of the net income of
the trust estate where Division 6AA of Part III of that Act applies to a part
(in this Schedule referred to as the 'eligible part') of that share are -

   (a)  in respect of the part (in this Schedule referred to as the 'relevant
        part') of that share other than the eligible part of that share - the
        rates that would be payable under Schedule 23 or 25, as the case
        requires, in respect of a taxable income equal to the relevant part of
        that share if one individual were liable to be assessed and to pay tax
        on that income; and

   (b)  in respect of the eligible part of that share -

        (i)    in a case where that share does not exceed $35,788 - 46%;

        (ii)   in a case where that share exceeds $35,788 but the relevant
               part of that share is less than $35,788 -

                (A)  in respect of so much of the eligible part of that share
                     as is equal to the amount ascertained by deducting from
                     $35,788 the amount of the relevant part of that share -
                     46%; and

                (B)  in respect of the remainder of the eligible part of that
                     share - 60%; and

        (iii)  in any other case - 60%.".