Commonwealth Consolidated Acts

TAX LAWS AMENDMENT (TEMPORARY BUDGET REPAIR LEVY) ACT 2014 - SCHEDULE 3

1   Regulation   2 (at the end of the definition of top rate )

Add:

Note:   This definition is modified by regulation   2A in the temporary budget repair levy years.

2   After r egulation   2

Insert:

2A   Temporary budget repair levy

  (1)   This regulation applies to the temporary budget repair levy years.

Increase in highest rate

  ( 2 )   These regulations have effect as if the highest rate specified in each of the following was increased by 2 percentage points:

  (a)   the table in Part   I of Schedule   7 to the Income Tax Rates Act 1986 ;

  (b)   the table in Part   II of that Schedule.

  ( 3 )   In this regulation:

"temporary budget repair" levy year has the same meaning as in section   4 - 11 of the Income Tax (Transitional Provisions) Act 1997 .

3   Subregulation   36(2)

Omit "0.45", substitute "the highest rate specified in the table in Part   II of Schedule   7 to the Income Tax Rates Act 1986 ".

4   Subregulation   36( 3 )

Omit "0.465", substitute "the top rate".