Document ID: chunk:federal_register_of_legislation:C2015C00297:section:5
Version: federal_register_of_legislation:C2015C00297
Segment Type: section
Provision Reference: s 5
Character Range: 3273–4512

5  Schedule 7
 (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 $36,000  35.5%
  exceeds $36,000 but does not exceed $38,000  38.5%
  exceeds $38,000 but does not exceed $50,000  44.125%
  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 $36,000     35.5%
  exceeds $36,000 but does not exceed $38,000     38.5%
  exceeds $38,000 but does not exceed $50,000     44.125%
  exceeds $50,000                                 47%       .

 (2) The amendments made by subsection (1) apply to assessments in respect of income of the 1993‑94 year of income.

Division 3—Tax cuts starting in 1994‑95