Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) The Principal Act is amended:
(a) by omitting the table in Part I of Schedule 7 and substituting the following table:
Column 1 | Column 2 |
|
Parts of taxable income of resident taxpayer | % rate |
|
The part of taxable income that: |
|
|
exceeds $5,400 but does not exceed $20,700 | 20% |
|
exceeds $20,700 but does not exceed $38,000 | 34% |
|
exceeds $38,000 but does not exceed $50,000 | 43% |
|
exceeds $50,000 | 47% | ; |
(b) by omitting the table in Part II of Schedule 7 and substituting the following table:
Column 1 | Column 2 |
|
Parts of taxable income of non - resident taxpayer | % rate |
|
The part of taxable income that: |
|
|
does not exceed $20,700 | 29% |
|
exceeds $20,700 but does not exceed $38,000 | 34% |
|
exceeds $38,000 but does not exceed $50,000 | 43% |
|
exceeds $50,000 | 47% | . |
(2) The amendments made by subsection ( 1) apply to assessments in respect of income of the 1994 - 95 year of income and of all later years of income.
(3) Subsection ( 2) has effect subject to Division 4.