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Schedule 1—Amendments

Schedule 1 Amendments

   

Income Tax Rates Act 1986

1  Subsection 3(1)

Insert:

sovereign entity has the same meaning as in the Income Tax Assessment Act 1997 .

2  Part III (heading)

Omit “ and certain other trusts ”, substitute “ , certain other trusts and sovereign entities ”.

3  After section 29

Insert:

30   Rate of tax payable by sovereign entities

                   The rate of tax payable in respect of the taxable income of a sovereign entity is 30%, unless another provision of this Part sets the rate of tax in respect of that taxable income.

(201/18)