Income Tax Rates Act 1986

Schedules

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

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Subsection 12(2)

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

Division 2 - Notional rates in respect of certain trust income

SECTION 2.

2.
The notional rate in respect of income to which this Division applies is -

(a) in a case where the income is -

(i) a share of the net income of a trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 of the Assessment Act; or

(ii) the net income or a part of the net income of a trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 99 of the Assessment Act, being the net income or a part of the net income of the estate of a deceased person who died less than 3 years before the end of the year of income;

the rate that would be calculated in accordance with Division 1 if that income were the taxable income of one individual and were not income in respect of which a trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act; and

(b) in any other case - the rate that would be calculated in accordance with Division 1 in respect of a taxable income equal to the income if -

(i) that income were the taxable income of one individual and were not income in respect of which a trustee is liable to be assessed and to pay tax under section 99 of the Assessment Act; and

(ii) the words " exceeds the tax-free threshold but " were omitted from item 1 of the table applicable to the year of income in Part I of Schedule 7.

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History

Part I Div 2 cl 2 amended by No 47 of 2018, s 3 and Sch 2 item 15, by substituting para (b)(ii), effective 1 July 2018. Para (b)(ii) formerly read:

(ii) the reference in column 1 of the table in Part I of Schedule 7 to the part of the ordinary taxable income that exceeds the tax-free threshold but does not exceed $37,000 were a reference to the part of the ordinary taxable income that does not exceed $37,000.

Part I Div 2 cl 2 amended by No 150 of 2011, s 3 and Sch 1 item 4, by substituting " the tax-free threshold " for " $6,000 " in para (b)(ii), applicable to the 2012-13 year of income and later years of income.

Part I Div 2 cl 2 amended by No 29 of 2008, s 3 and Sch 1 item 25, by substituting " $37,000 " for " $35,000 " (wherever occurring) in para (b)(ii), applicable to assessments for the 2010-11 year of income and later years of income.

Part I Div 2 cl 2 amended by No 29 of 2008 , s 3 and Sch 1 item 15, by substituting " $35,000 " for " $34,000 " (wherever occurring) in para (b)(ii), applicable to assessments for the 2009-10 year of income.

Part I Div 2 cl 2 amended by No 29 of 2008 , s 3 and Sch 1 item 5, by substituting " $34,000 " for " $30,000 " (wherever occurring) in para (b)(ii), applicable to assessments for the 2008-09 year of income.

Part I Div 2 cl 2 amended by No 76 of 2007, s 3 and Sch 1 item 6, by substituting " $30,000 " for $25,000 " (wherever occurring), applicable to assessments for the 2007-08 year of income and later years of income.

Part 1 Div 2 cl 2 amended by No 55 of 2006 , s 3 and Sch 1 item 22, by substituting " $25,000 " for " $21,600 " (wherever occurring) in para (b)(ii), applicable to assessments for the 2006-2007 year of income and later years of income.

Part I Div 2 cl 2 amended by No 45 of 2003, s 3 and Sch 1 item 6, by substituting " $21,600 " for " $20,000 " (wherever occurring) in para (b)(ii), applicable to assessments for the 2003/2004 income year and later income years.

Part I Div 2 cl 2 amended by No 69 of 1999 and No 7 of 1993.

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