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Income Tax Amendment Bill 1990



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House: House of Representatives

Portfolio: Treasury

Purpose

To declare formally the rates of income tax applicable for the period 1 July 1990 to 31 December 1990.

Background

Tax is imposed in a separate Act due to the requirements of section 55 of the Constitution that laws imposing tax are to deal only with the imposition of tax. The assessment provisions are contained in separate legislation, the Income Tax Assessment Act 1936, as are the rates of tax, which are dealt with in the Income Tax Rates Act 1986.

The amendments contained in this Bill extend the operation of the Income Tax Rates Act 1986 (the Principal Act) to the 1990-91 income year with changes to the rates as announced in the February 1990 Economic Statement.

The Principal Act provides for the following general rates of income tax for resident tax payers:

Taxable Income ($ pa) <BREAK> </BREAK> Rate (%)

0-5100 <BREAK> </BREAK> 0

5101-5400 <BREAK> </BREAK>

0

5401-17650 <BREAK> </BREAK> 21

17651-20600 <BREAK> </BREAK> 21

20601-20700 <BREAK> </BREAK> 21

20701-35000 <BREAK> </BREAK> 38

35001-36000 <BREAK> </BREAK> 38

36001-5000 <BREAK> </BREAK> 46

Over 50000 <BREAK> </BREAK> 47

Also refer to the Digest for the Taxation Laws Amendment (Rates and Provisional Tax) Bill 1990.

Main Provisions

Clause 3 will substitute a new section 7 into the Principal Act to extend the operation of that Act to the year after the year commencing on 1 July 1990, unless the Parliament otherwise provides.

Bills Digest Service 12 September 1990

Parliamentary Research Service

For further information, if required, contact the Economics and Commerce Group on 06 2772460.

This Digest does not have any official legal status. Other sources should be consulted to determine the subsequent official status of the Bill.

Commonwealth of Australia 1990

Except to the extent of the uses permitted under the Copyright Act 1968, no part of this publication may be reproduced or transmitted in any form or by any means, including information storage and retrieval systems, without the prior written consent of the Parliamentary Library, other than by Members of the Australian Parliament in the course of their official duties.

Published by the Department of the Parliamentary Library, 1990.