Compilation #None | Effective 2015-06-25
FRBR Work URI: /akn/au/act/1993/58
This Act may be cited as the Taxation (Deficit Reduction) Act (No. 3) 1993.
This Act (other than Divisions 3 and 4 of Part 2) commences on the day on which it receives the Royal Assent.
1 July 1994.Division 3 of Part 2 commences on
The object of this Part is to implement personal tax cuts.
In this Part, Principal Act means the Income Tax Rates Act 1986.
The Principal Act is amended:
by omitting the table in Part I of Schedule 7 and substituting the following table:
by omitting the table in Part II of Schedule 7 and substituting the following table:
The amendments made by subsection (1) apply to assessments in respect of income of the 1993-94 year of income.
The Principal Act is amended:
by omitting the table in Part I of Schedule 7 and substituting the following table:
by omitting the table in Part II of Schedule 7 and substituting the following table:
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.
Subsection (2) has effect subject to Division 4.
The object of this Part is to repeal the Tax Legislation Amendment Act 1992. That Act, which provided for personal tax cuts, is superseded by the amendments made by this Act.
The Tax Legislation Amendment Act 1992 is repealed.
In this Part, Principal Act means the Income Tax Assessment Act 1936.
The object of this Division is to provide for a rebate of up to $150 for low-income taxpayers.
After section 159M of the Principal Act the following section is inserted:
159N Rebate for certain low-income taxpayers
If a taxpayer’s taxable income of a year of income is less than $24,450, the taxpayer is entitled to a rebate of tax in the taxpayer’s assessment for the year of income.
The amount of the rebate is $150, reduced by 4 cents for every $1 of the amount (if any) by which the taxpayer’s taxable income of the year of income exceeds $20,700.
The amendment made by this Division applies to assessments in respect of income of the 1993-94 year of income and of all later years of income.
Endnotes
Endnote 1—About the endnotes
The endnotes provide information about this compilation and the compiled law.
The following endnotes are included in every compilation:
Endnote 1—About the endnotes
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history
Endnotes about misdescribed amendments and other matters are included in a compilation only as necessary.
Abbreviation key—Endnote 2
The abbreviation key sets out abbreviations that may be used in the endnotes.
Legislation history and amendment history—Endnotes 3 and 4
Amending laws are annotated in the legislation history and amendment history.
The legislation history in endnote 3 provides information about each law that has amended (or will amend) the compiled law. The information includes commencement details for amending laws and details of any application, saving or transitional provisions that are not included in this compilation.
The amendment history in endnote 4 provides information about amendments at the provision (generally section or equivalent) level. It also includes information about any provision of the compiled law that has been repealed in accordance with a provision of the law.
Misdescribed amendments
A misdescribed amendment is an amendment that does not accurately describe the amendment to be made. If, despite the misdescription, the amendment can be given effect as intended, the amendment is incorporated into the compiled law and the abbreviation “(md)” added to the details of the amendment included in the amendment history.
If a misdescribed amendment cannot be given effect as intended, the amendment is set out in the endnotes.
Endnote 2—Abbreviation key
Endnote 3—Legislation history
Endnote 4—Amendment history