Income Tax (Annual) Act 1986
Archived legislative commentary on the Income Tax (Annual) Act 1986 from PIB vol 154 Aug 1986.
This commentary item was published in Public Information Bulletin Volume 154, August 1986
This Act fixes the rates of income tax and excess retention tax for the year of assessment that commenced on 1 April 1986. This Act received the Governor-General's assent on 6 August 1986.
Section 1 - Short Title
The section provides that the Annual Act is to be read with and form part of the Income Tax Act 1976.
Section 2 - Rates of Income Tax
The 1986 (Annual) Act confirms the rates as set out in the First Schedule to the Income Tax Act 1976. These rates incorporate the new rates to apply from 1 October 1986 which for the year ending 31 March 1987, will be:
On so much of the income as -
|Does not exceed $6,000||17.50|
|Exceeds $6,000 but does not exceed $9,500||24.00|
|Exceeds $9,500 but does not exceed $25,000||31.50|
|Exceeds $25,000 but does not exceed $30,000||37.55|
|Exceeds $30,000 but does not exceed $38,000||52.05|
The 1986 Annual Act confirms the rates applying to companies and other taxpayers which have not changed from those set out in Part A of the First Schedule to the principal Act.
Section 3 - Excess Retention Tax
The Act confirms the rate of excess retention tax which has not changed from the rate of 35 cents, as set out in clause 11 of Part A of the First Schedule to the principal Act.
Section 4 - Repeal
This section repeals the 1985 (Annual) Act.