Document ID: chunk:federal_register_of_legislation:C2015C00297:section:6
Version: federal_register_of_legislation:C2015C00297
Segment Type: section
Provision Reference: s 6
Character Range: 4512–5735

6  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 $38,000  34%
  exceeds $38,000 but does not exceed $50,000  43%
  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 $38,000     34%
  exceeds $38,000 but does not exceed $50,000     43%
  exceeds $50,000                                 47%       .

 (2) The amendments made by subsection (1) apply to assessments in respect of income of the 1994‑95 year of income and of all later years of income.
 (3) Subsection (2) has effect subject to Division 4.

Part 3—Repeal of the Tax Legislation Amendment Act 1992