Income Tax Rates Act 1986

Schedules

SCHEDULE 8 - NOTIONAL RATES FOR THE PURPOSES OF SECTION 156 OF THE ASSESSMENT ACT  

Subsection 12(2)

PART I - RESIDENT TAXPAYERS, RESIDENT BENEFICIARIES AND RESIDENT TRUST ESTATES  

Division 1 - Normal notional rate  

SECTION 2.  

2.    
Subject to clause 3, the notional rate in respect of income to which this Division 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 Part I of Schedule 7 were applied to a taxable income equal to the taxpayer ' s average income and dividing the resultant amount by a number equal to the number of whole dollars in that average income.