INCOME TAX REGULATIONS (AMENDMENT) 1996 NO. 56 

INCOME TAX REGULATIONS (AMENDMENT) 1996 NO. 56 
- TABLE OF PROVISIONS

1.  Commencement  
2.  Amendment  
3.  Regulation 97 (Interpretation)  
4.  Regulation 98 (Rates of deduction-ETP)  


1996 No. 56 INCOME TAX REGULATIONS (AMENDMENT)
- REG 1
1. Commencement


  1.1 These Regulations commence on 1 June 1996.


1996 No. 56 INCOME TAX REGULATIONS (AMENDMENT)
- REG 2
2. Amendment


  2.1 The Income Tax Regulations are amended as set out in these Regulations.


1996 No. 56 INCOME TAX REGULATIONS (AMENDMENT)
- REG 3
3. Regulation 97 (Interpretation)


  3.1 Subregulation 97 (2) (definition of "ISC-directed commutation
payment"):
Omit the definition.

  3.2 Subregulation 97 (2):
Insert the following definitions:
  "'dependant' has the meaning given by subsection 27A (1) of the Act;
  'non-dependant', in relation to a person, means another person who is not a
dependant of that person;".


1996 No. 56 INCOME TAX REGULATIONS (AMENDMENT)
- REG 4
4. Regulation 98 (Rates of deduction-ETP)


  4.1 Subregulation 98 (1):
Omit "tables:", substitute "Table:".

  4.2 Subregulation 98 (1):
Omit Tables 1 and 2, substitute:
        "TABLE-MAXIMUM RATES OF TAX ON ELIGIBLE ASSESSABLE INCOME
  Column 1                          Column 2
  Item No.  Class of assessable income derived by the employee in the
            year of income
                                     Column 3
                          Part that is subject to deduction
                                                   Column 4
                                      Rates of deduction (%) for year
                                      of income commencing on 1 July
                                      1995 or later
  1         Each s. 27B (1) (a) amount for the recipient of a non-age
            55 ETP
                          derived amount                       21.5
  2         Each s. 27B (1) (a) amount for recipient of an age 55 ETP
                          low rate part                           0
  3         Each s. 27B (1) (a) amount for recipient of an age 55 ETP
                          remaining part                       16.5
  4         Each s. 27B (1) (b) amount for recipient of a non-age 55
            ETP
                          derived amount                       31.5
  5         Each s. 27B (1) (b) amount for recipient of an age 55 ETP
                          low rate part                        16.5
  6         Each s. 27B (1) (b) amount for recipient of an age 55 ETP
                          remaining part                       31.5
  7         Each s. 27B (1A) (a) amount that is derived directly by a
            non-dependant of the deceased employee
                          derived amount                       16.5
  8         Each s. 27B (1A) (b) amount that is derived directly by a
            non-dependant of the deceased employee
                          derived amount                       31.5".

  4.3 Subregulation 98 (1A):
Omit the subregulation, substitute:
  "(1A) In spite of subregulation (1), the prescribed rate of deduction in
respect of an amount of eligible assessable income received, or entitled to be
received, during the period commencing on 1 July 1995 and ending at the end of
31 May 1996, is taken to be the rate that would be applicable under that
subregulation as in force during that period.".

  4.4 Subregulations 98 (2) and (3):
Omit the subregulations.

  4.5 Subregulation 98 (4):
Omit "Tables 1 and 2,", substitute "the Table,".

  4.6 Paragraph 98 (4) (a):
Omit "s. 27B (1) (a) amount or the s. 27B (1) (b) amount,", substitute "s. 27B
(1) (a) amount, the s. 27B (1) (b) amount, the s. 27B (1A) (a) amount or the
s. 27B (1A) (b) amount,".

  4.7 Subregulation 98 (6):
Omit the subregulation.

  4.8 Subregulation 98 (11):
Omit the subregulation.


- NOTES


1996 No. 56*1* INCOME TAX REGULATIONS*2* (AMENDMENT)

- Dated 8 May 1996


*1* Notified in the Commonwealth of Australia Gazette on 15 May 1996.
*2* Statutory Rules 1936 No. 94 as amended by 1939 Nos. 6 and 42; 1940 Nos.
138 and 289; 1941 Nos. 120 and 327; 1942 Nos. 339 and 553; 1943 Nos. 80, 127
and 151; 1944 Nos. 90 and 124; 1945 Nos. 12, 85, 169 and 192; 1946 No. 135;
1947 Nos. 77 and 173; 1948 Nos. 115 and 162; 1949 Nos. 25 and 50; 1950 Nos. 63
and 101; 1951 Nos. 136 and 157; 1952 Nos. 89, 90 and 102; 1953 Nos. 55 and 88;
1954 Nos. 11, 99 and 112; 1955 No. 23; 1956 Nos. 34, 35 (repealed by 1956 No.
96) and 96; 1957 Nos. 39 and 74; 1958 Nos. 27 and 70; 1959 Nos. 25 and 81;
1960 Nos. 44 and 74; 1962 Nos. 15, 44 and 112; 1963 Nos. 53 and 92; 1964 Nos.
74, 121 and 134; 1965 Nos. 133 and 187; 1966 No. 156; 1967 Nos. 112 and 126;
1968 No. 1; 1969 No. 68; 1970 Nos. 43, 126, 168 and 213; 1971 Nos. 120 and
148; 1972 Nos. 48, 50 and 137; 1973 No. 266; 1974 Nos. 193, 226 and 267; 1975
Nos. 88, 89, 99, 101 and 213; 1976 Nos. 115, 188 and 212; 1977 Nos. 77, 107
and 248; 1978 Nos. 85 and 193; 1979 Nos. 126 and 239; 1980 Nos. 86, 137 and
149; 1981 Nos. 116 and 360; 1982 Nos. 115, 128, 267 and 280; 1983 Nos. 79, 87,
111, 213 and 319; 1984 Nos. 172, 286, 408 and 416; 1985 Nos. 21, 148, 274 and
278; 1986 No. 325; Acts Nos. 28, 49 and 112, 1986; Statutory Rules 1987 Nos.
92 and 120; 1988 Nos. 196, 208, 262, 381, 382, 383 and 384; Act No. 97, 1988;
Statutory Rules 1989 Nos. 67, 80, 115 (as amended by 1989 No. 358), 123, 124,
141, 250 and 358; 1990 Nos. 19, 126, 151, 152, 192, 347, 390, 398 and 468;
1991 Nos. 20, 121, 156, 158, 240, 300, 301, 390 and 391; 1992 Nos. 38, 129,
216, 313 and 449; 1993 Nos. 15, 46, 47, 65, 91, 159, 202, 216, 275, 288 and
370; 1994 Nos. 95, 96, 127, 174, 195, 219, 399, 412, 460, 461 and 462; 1995
Nos. 58, 107, 139, 152, 153, 194, 316, 356, 381, 382, 383 and 447; Act No. 30,
1995; Statutory Rules 1996 No. 38.