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This is a Bill, not an Act. For current law, see the Acts databases.
INCOME TAX RATES AMENDMENT (TEMPORARY FLOOD AND CYCLONE RECONSTRUCTION LEVY) BILL 2011
2010-2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Income Tax Rates Amendment
(Temporary Flood Reconstruction Levy)
Bill 2011
No. , 2011
(Treasury)
A Bill for an Act to amend the Income Tax Rates
Act 1986, and for related purposes
i Income Tax Rates Amendment (Temporary Flood Reconstruction Levy) Bill 2011 No.
, 2011
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Main amendment
3
Income Tax Rates Act 1986
3
Schedule 2--Sunsetting
4
Income Tax Rates Act 1986
4
Income Tax Rates Amendment (Temporary Flood Reconstruction Levy) Bill 2011 No. ,
2011 1
A Bill for an Act to amend the Income Tax Rates
1
Act 1986, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Income Tax Rates Amendment
5
(Temporary Flood Reconstruction Levy) Act 2011.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2 Income Tax Rates Amendment (Temporary Flood Reconstruction Levy) Bill 2011 No.
, 2011
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1
At the same time as Schedule 1 to the Tax
Laws Amendment (Temporary Flood
Reconstruction Levy) Act 2011 commences.
3. Schedule 2
At the same time as Schedule 2 to the Tax
Laws Amendment (Temporary Flood
Reconstruction Levy) Act 2011 commences.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
12
Main amendment Schedule 1
Income Tax Rates Amendment (Temporary Flood Reconstruction Levy) Bill 2011 No. ,
2011 3
Schedule 1--Main amendment
1
2
Income Tax Rates Act 1986
3
1 At the end of Subdivision B of Division 3 of Part II
4
Add:
5
12B Rate of temporary flood reconstruction levy
6
The rate of extra income tax payable as mentioned in section 4-10
7
of the Income Tax (Transitional Provisions) Act 1997 (temporary
8
flood reconstruction levy) for the 2011-12 financial year on a
9
taxpayer's taxable income for the 2011-12 year of income is the
10
rate applicable under the table.
11
12
Rate of temporary flood reconstruction levy
Item
For the part of the taxable income of the
taxpayer that:
The rate is:
1
exceeds $50,000 but does not exceed $100,000
0.5%
2 exceeds
$100,000
1%
13
Schedule 2 Sunsetting
4 Income Tax Rates Amendment (Temporary Flood Reconstruction Levy) Bill 2011 No.
, 2011
Schedule 2--Sunsetting
1
2
Income Tax Rates Act 1986
3
1 Section 12B
4
Repeal the section.
5