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Taxation (Deficit Reduction) Act (No. 3) 1993
5Schedule 7
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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.