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Income Tax (TFN Withholding Tax (ESS)) Amendment (DisabilityCare Australia) Bill 2013

Schedule 1 Amendments

   

Income Tax (TFN Withholding Tax (ESS)) Act 2009

1  Section 4

Repeal the section, substitute:

4   Rate of tax

                   The rate of tax imposed by this Act on such an amount is the sum of the following:

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

                     (b)  2%.

2  Application of amendment

The amendment made by this Schedule applies to ESS interests (within the meaning of the Income Tax Assessment Act 1997 ) provided on or after 1 July 2014.