Income Tax Rates Amendment Act 1994

(173 of 1994)

An Act to amend the Income Tax Rates Act 1986, and for related purposes

Assented to 16 December 1994

1   Short title

This Act may be cited as the Income Tax Rates Amendment Act 1994.

2   Commencement

This Act commences on the day on which it receives the Royal Assent.

3   Principal Act

In this Act, "Principal Act" means the Income Tax Rates Act 1986*1*.

Income Tax Rates Act 1986

*1* No. 107, 1986, as amended. For previous amendments, see Nos. 60 and 138, 1987; Nos. 11, 78 and 118, 1988; Nos. 70, 98 and 106, 1989; No. 87, 1990; Nos. 48, 100 and 216, 1991; Nos. 98 and 197, 1992; and Nos. 7 and 18, 1993.

4   Rates of tax payable by companies

Section 23 of the Principal Act is amended by omitting from subsection (6) "$50,000" and substituting "$49,999".

5   Application

The amendment made by this Act applies to assessments in respect of income of the 1994-95 year of income and of all later years of income.