Commonwealth Numbered Regulations

1996 No. 56 INCOME TAX REGULATIONS (AMENDMENT) - REG 4

4.1 Subregulation 98 (1): Omit "tables:", substitute "Table:".

4.2 Subregulation 98 (1): Omit Tables 1 and 2, substitute:

"TABLE-MAXIMUM RATES OF TAX ON ELIGIBLE ASSESSABLE INCOME
  Column 1                          Column 2

Item No. Class of assessable income derived by the employee in the
year of income
Column 3
Part that is subject to deduction
Column 4
Rates of deduction (%) for year
of income commencing on 1 July
1995 or later
  1         Each s. 27B (1) (a) amount for the recipient of a non-age

55 ETP
                          derived amount                       21.5

  2         Each s. 27B (1) (a) amount for recipient of an age 55 ETP

                          low rate part                           0

  3         Each s. 27B (1) (a) amount for recipient of an age 55 ETP

                          remaining part                       16.5

  4         Each s. 27B (1) (b) amount for recipient of a non-age 55

ETP
                          derived amount                       31.5

  5         Each s. 27B (1) (b) amount for recipient of an age 55 ETP

                          low rate part                        16.5

  6         Each s. 27B (1) (b) amount for recipient of an age 55 ETP

                          remaining part                       31.5

  7         Each s. 27B (1A) (a) amount that is derived directly by a

non-dependant of the deceased employee
                          derived amount                       16.5

  8         Each s. 27B (1A) (b) amount that is derived directly by a

non-dependant of the deceased employee
                          derived amount                       31.5".


4.3 Subregulation 98 (1A): Omit the subregulation, substitute:

"(1A) In spite of subregulation (1), the prescribed rate of deduction in
respect of an amount of eligible assessable income received, or entitled to be
received, during the period commencing on 1 July 1995 and ending at the end of
31 May 1996, is taken to be the rate that would be applicable under that
subregulation as in force during that period.".

4.4 Subregulations 98 (2) and (3): Omit the subregulations.

4.5 Subregulation 98 (4): Omit "Tables 1 and 2,", substitute "the Table,".

4.6 Paragraph 98 (4) (a): Omit "s. 27B (1) (a) amount or the s. 27B (1) (b)
amount,", substitute "s. 27B (1) (a) amount, the s. 27B (1) (b) amount, the s.
27B (1A) (a) amount or the s. 27B (1A) (b) amount,".

4.7 Subregulation 98 (6): Omit the subregulation.

4.8 Subregulation 98 (11): Omit the subregulation.