Taxation Laws Amendment Act (No. 3) 1998 (47 of 1998)

Schedule 9  

Part 3   Application and transitional

15   Transitional - lower tax offset for the 1998-99 income year

(1) For the 1998-99 income year, the rate of tax offset specified in subsections 61-55(2) and 61-65(2) of the Income Tax Assessment Act 1997 is taken to be 7.5%; not 15%.

(2) Accordingly, for that income year, the maximum amount of tax offset specified in subsections 61-55(3) and 61-65(3) of that Act is taken to be $225; not $450.

(3) In working out your provisional tax for the 1999-2000 income year under Division 3 of Part VI of the Income Tax Assessment Act 1936, work out your tax offset under Subdivision 61-A of the Income Tax Assessment Act 1997 for the 1998-99 income year disregarding subitems (1) and (2) of this item.