INCOME TAX RATES AMENDMENT ACT 1987 NO. 60, 1987 

INCOME TAX RATES AMENDMENT ACT 1987 NO. 60, 1987 
- TABLE OF PROVISIONS

1. Short title etc.  
2. Commencement  
3. Act to be deemed to be the Act declaring rates of income tax  
4. Rates of tax payable by companies  
5. Rate of tax payable by trustees of corporate unit trusts  
6. Rate of tax payable by trustees of public trading trusts  
7. Rates of tax payable by trustees of superannuation funds  
8. Rate of tax payable by trustees of ineligible approved deposit funds  
9.  
10. Application of amendments  

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987 - LONG TITLE

      An Act to amend the Income Tax Rates Act 1986, and for
                         related purposes

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987
- SECT 1
Short title etc.

                                                  (Assented to 5 June 1987)
  1. (1) This Act may be cited as the Income Tax Rates Amendment Act 1987.
  (2) The Income Tax Rates Act 1986*1* is in this Act referred to as the
Principal Act.
(Minister's second reading speech made in - House of Representatives on 2
April 1987 Senate on 27 May 1987)
*1*No. 107, 1986.

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987
- SECT 2
Commencement

  2. This Act shall come into operation on the day on which it receives the
Royal Assent.

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987
- SECT 3
Act to be deemed to be the Act declaring rates of income tax

  3. Section 22 of the Principal Act is amended by adding at the end "and for
all subsequent financial years".

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987
- SECT 4
Rates of tax payable by companies

  4. Section 23 of the Principal Act is amended:
  (a) by omitting from subsections (2) and (3) "46%" and substituting "49%";
and
  (b) by omitting from subsection (5) "$2,542" and substituting "$3,813".

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987
- SECT 5
Rate of tax payable by trustees of corporate unit trusts

  5. Section 24 of the Principal Act is amended by omitting "46%" and
substituting "49%".

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987
- SECT 6
Rate of tax payable by trustees of public trading trusts

  6. Section 25 of the Principal Act is amended by omitting "46%" and
substituting "49%".

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987
- SECT 7
Rates of tax payable by trustees of superannuation funds

  7. Section 26 of the Principal Act is amended:
  (a) by omitting from subsection (1) "50%" and substituting "49%";
  (b) by omitting from subsection (2) "24.42%" and substituting "24%";
  (c) by omitting from subsection (3) "57.08%" and substituting "49%"; and
  (d) by omitting from subsection (4) "44.25%" and substituting "40%".

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987
- SECT 8
Rate of tax payable by trustees of ineligible approved deposit funds

  8. Section 27 of the Principal Act is amended by omitting "44.25%" and
substituting "40%".

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987
- SECT 9

  9. After section 27 of the Principal Act the following section is inserted:
Rate of tax payable by trustee to whom subsection 98 (3) of Assessment
Act applies
  "28. The rate of tax payable by a trustee of a trust estate in respect of a
share of the net income of the trust estate in respect of which the trustee is
liable to be assessed and to pay tax under subsection 98 (3) of the Assessment
Act is 49%.".

INCOME TAX RATES AMENDMENT ACT 1987 No. 60 of 1987
- SECT 10
Application of amendments

  10. (1) The amendments made by sections 3, 4, 5, 6, 7 and 8 apply for the
financial year commencing on 1 July 1987 and for all subsequent financial
years.
  (2) The amendment made by section 9 applies for the financial year
commencing on 1 July 1986 and for all subsequent financial years.