Taxation Laws Amendment Act (No. 5) 2003 (142 of 2003)

Schedule 6   Reducing tax on excessive ETPs

Part 1   Main amendments

Income Tax Rates Act 1986

5   Paragraph 1(a) of Part I of Schedule 7

Repeal the paragraph, substitute:

(a) 38% for the amount (if any) of the EC part of the taxable income that does not exceed the difference between:

(i) the amount that would have been the taxed element of the retained amount of the post-June 83 component of the ETP if the amount of the excessive component of the ETP had been nil; and

(ii) the taxed element of the retained amount of the post-June 83 component of the ETP;

worked out disregarding section 27AAA of the Assessment Act;

(aa) 47% for the remainder (if any) of the EC part of the taxable income;