Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Amendments applying from the 2012 - 13 year of income
1 Subsection 3(1)
Insert:
"second resident personal tax rate" means the rate mentioned in item 2 of the table in clause 1 of Part I of Schedule 7.
2 Subparagraph 15(2)(a)(i)
Repeal the subparagraph, substitute:
(i) the amount ascertained by applying the second resident personal tax rate to that eligible taxable income; or
2A Paragraph 15(2)(b)
Omit "$732", substitute "$663".
3 Subparagraph 15(2)(b)(i)
Repeal the subparagraph, substitute:
(i) the amount ascertained by applying the second resident personal tax rate to $416 , and then adding 66% of the amount by which that eligible taxable income exceeds $416; or
4 Subparagraph 15(4)(c)(i)
Repeal the subparagraph, substitute:
(i) the amount ascertained by applying the second resident personal tax rate to the amount of the eligible part of that share; or
4A Paragraph 15(4)(d)
Omit "$732", substitute "$663".
5 Subparagraph 15(4)(d)(i)
Repeal the subparagraph, substitute:
(i) the amount ascertained by applying the second resident personal tax rate to $416 , and then adding 66% of the amount by which the eligible part of that share exceeds $416; or
5A Paragraph 15(6)(b)
Omit "$732", substitute "$663".
6 Clause 1 of Part II of Schedule 7 (table)
Repeal the table, substitute:
Tax rates for non - resident taxpayers | ||
Item | For the part of the ordinary taxable income of the taxpayer that: | The rate is: |
1 | does not exceed $ 80 ,000 | The se cond resident personal tax rate |
2 | exceeds $ 80 ,000 but does not exceed $ 1 80,000 | 3 7 % |
3 | exceeds $180,000 | 45% |
7 Clause 1A of Part II of Schedule 7 (note)
Repeal the note, substitute:
Note 1: This clause will be repealed on 1 July 2016. See Part 2 of Schedule 2 to the Tax Laws Amendment (2011 Measures No. 7) Act 2011 .
Note 2: In the 2011 - 12 year of income, the rate applicable under item 1 of the table was 29%.
8 Application provision
The amendments made by this Part apply to the 2012 - 2013 year of income and later years of income.