Income Tax Rates Act 1986

Pt IV repealed by No 47 of 2018, s 3 and Sch 2 item 13, effective 1 July 2018. No 47 of 2018, s 3 and Sch 2 item 14 contains the following provision:

14 Repealed law continues for relevant years of income  
14
Despite the repeal of Part IV of the Income Tax Rates Act 1986 by this Part, that Part continues to apply, in relation to assessments for a temporary budget repair levy year, as if that repeal had not happened.

Note:

The temporary budget repair levy years are the years of income corresponding to the 2014-15, 2015-16 and 2016-17 financial years (see former section 32 of the Income Tax Rates Act 1986 ).

Pt IV inserted by No 45 of 2014, s 3 and Sch 1 item 1, effective 25 June 2014.

S 34 repealed by No 47 of 2018, s 3 and Sch 2 item 13, effective 1 July 2018. See note under Pt IV heading. S 34 formerly read:

SECTION 34 EXTRA INCOME TAX FOR TEMPORARY BUDGET REPAIR LEVY  
34
The rate of extra income tax payable as mentioned in section 4-11 of the Income Tax (Transitional Provisions) Act 1997 (temporary budget repair levy) for a financial year on a taxpayer ' s taxable income for the corresponding year of income is the rate applicable under the table.

Rate of temporary budget repair levy
Item	Column 1 For the part of the taxable income of the taxpayer that:	Column 2 The rate is:
1	exceeds $180,000	2%

S 34 inserted by No 45 of 2014, s 3 and Sch 1 item 1, effective 25 June 2014.