Taxation Administration Amendment Regulations 2010 (No. 1)

(10 of 2010)

Dated 10 February 2010

Taxation Administration Act 1953

1   Name of Regulations

These Regulations are theTaxation Administration Amendment Regulations 2010 (No. 1).

2   Commencement

These Regulations commence on the day after they are registered.

3   Amendment of Taxation Administration Regulations 1976

Schedule 1 amends theTaxation Administration Regulations 1976.

Schedule 1   Amendments

[1]   Paragraph 37 (2) (a)

omit

45% of the amount of the payment; and

insert

the product of the highest rate specified in the table in Part II of Schedule 7 to theIncome Tax Rates Act 1986 and the amount of the payment; and

[2]   Paragraph 37 (2) (b)

omit

46.5% of the amount of the payment.

insert

the product of the top rate and the amount of the payment.

[3]   After subregulation 37 (2)

insert

(3) In this regulation:

top rate means the sum of:

(a) the highest rate specified in the table in Part I of Schedule 7 to theIncome Tax Rates Act 1986; and

(b) the rate of levy specified in subsection 6 (1) of theMedicare Levy Act 1986.

[4]   Subregulation 38 (2)

omit

46.5% of the amount of the payment.

insert

the product of the top rate and the amount of the payment.

[5]   After subregulation 38 (2)

insert

(3) In this regulation:

top rate means the sum of:

(a) the highest rate specified in the table in Part I of Schedule 7 to the Income Tax Rates Act 1986; and

(b) the rate of levy specified in subsection 6 (1) of the Medicare Levy Act 1986.