Income Tax (Withholding Payments) Regulations 1979 Amendment No 7
Archived legislative commentary on the Income Tax (Withholding Payments) Regulations 1979 Amendment No 7 from PIB vol 179 May 1989.
This commentary item was published in Public Information Bulletin Volume 179, May 1989
A further amendment to the Income Tax (Withholding Payments) Regulations 1979 has recently been promulgated. This amendment has reduced the top withholding payment tax rate to bring it into line with the new highest marginal income tax rate of 33 cents in the dollar.
Prior to this amendment the top withholding payment tax rate was 35 cents in the dollar.
As a result of this amendment the withholding payment tax rate has decreased to 33 cents in respect of the following classes of withholding payments:
- Company directors' fees.
- Fees or other remuneration relating to examinations.
- Honoraria (including payments to mayors, members of councils, Boards, and committees, officials of societies, clubs, etc).
This amendment will apply in respect of payments made on or after the 1st day of April 1989.