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Tax Laws Amendment (Temporary Budget Repair Levy) Bill 2014

Schedule 3 Amendment of the Taxation Administration Regulations 1976

   

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 regulation 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”.

(103/14)