Commonwealth Numbered Acts

INCOME TAX RATES AMENDMENT ACT 1995 No. 90 of 1995 - SCHEDULE 1

                              SCHEDULE                    Section 3

AMENDMENT OF THE INCOME TAX RATES ACT 1986 1. Subsection 23(2): Omit "33%",
substitute "36%". 2. Paragraph 23(3)(a): Omit "33%", substitute "36%". 3.
Subparagraph 23(4A)(c)(ii): Omit "33%", substitute "36%". 4. Paragraph
23(4C)(c): Omit "33%", substitute "36%". 5. Subsection 23(5): Omit "$1,039",
substitute "$1,204". 6. Subsection 23(6): Omit "49.5%", substitute "54%". 7.
Section 24: Omit "33%", substitute "36%". 8. Section 25: Omit "33%",
substitute "36%". 9. Section 28: Omit "33%", substitute "36%". 10. Application

(1) The amendments made by this Schedule apply to assessments in respect of
income of the 1995-96 year of income and of all later years of income.

(2) In the application of subsection 23(2) of the Income Tax Rates Act 1986 as
amended by this Schedule to a recognised large credit union for the 1995-96
year of income or the 1996-97 year of income, the reference in the subsection
to 36% is to be read as a reference to 20%.

(3) In the application of subsection 23(6) of the Income Tax Rates Act 1986 as
amended by this Schedule for the 1995-96 year of income or the 1996-97 year of
income, the reference in the subsection to 54% is to be read as a reference to
30%.