Commonwealth Consolidated Acts

CLEAN ENERGY (INCOME TAX RATES AMENDMENTS) ACT 2011 - SCHEDULE 1

Part   1 -- Amendments applying from the 2012 - 13 year of income

Income Tax Rates Act 1986

1   Subsection   3(1)

Insert:

"tax-free threshold" means $18,200.

2   Subsections   20(1) and (2)

Repeal the subsections, substitute:

Part - year residency periods

  (1)   This Act applies in relation to a person and a year of income as if the reference in the table in Part   I of Schedule   7 to the tax - free threshold were a reference to the amount calculated in accordance with the following formula, if there are one or more part - year residency periods in relation to the person in relation to the year of income:

Trustees

  (1A)   Subsection   ( 1) does not apply in calculating the tax payable by the trustee of a trust estate under section   98 of the Assessment Act in respect of a share of a beneficiary of the net income of the trust estate of a year of income.

  (2)   However, this Act applies in calculating the tax payable by the trustee in respect of that share as if the reference in the table in Part   I of Schedule   7 to the tax - free threshold were a reference to the amount calculated in accordance with the following formula , if there are one or more part - year residency periods in relation to the beneficiary in relation to the year of income:

3   Clause   1 of Part   I of Schedule   7 (table items   1 and 2)

Repeal the items, substitute:

4   Subparagraph 2(b)(ii) of Division   2 of Part   I of Schedule   8

Omit " $6,000 " , substitute " the tax - free threshold " .

5   P aragraph 2(b) of Part   I of Schedule   10

Omit " $6,000 " , substitute " the tax - free threshold " .

6   Application provision

The amendment s made by this Part appl y to the 2012 - 13 year of income and later years of income.