Taxation Laws Amendment Act (No. 2) 1993 (18 of 1993)

PART 5   AMENDMENT OF THE INCOME TAX RATES ACT 1986

Division 2   Tax cuts for companies etc.-1993-94 and later years

63   Rates of tax payable by companies

Section 23 of the Principal Act is amended:

(a) by omitting from subsections (2), (3) and (4C) "39%" and substituting "33%";

(b) by omitting paragraph (4A) (c) and substituting the following paragraph:

"(c) in respect of the non-fund component:

(i) if the company is a mutual life assurance company (within the meaning of section 110 of the Assessment Act) at the end of the year of income-39%; or

(ii) in any other case-33%; and";

(c) by omitting from paragraph (4C) (a) and subsection (4D) "30%" and substituting "25%";

(d) by omitting from subsection (5) "$1,429" and substituting "$1,039".