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Taxation (Deficit Reduction) Act (No. 3) 1993
6Schedule 7
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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.