Income Tax Rates Act 1986

Here is a brief overview of the Income Tax Rates Act 1986:

The Income Tax Rates Act 1986 is an Act that declares the rates of income tax. It outlines the tax payable by individuals and companies on their taxable incomes, as well as those who are not residents in Australia.

The Act has several parts, including preliminary provisions, rates of tax for certain types of taxpayers, and rates of tax for companies. The rates of tax are set out in Schedule 7 and include a range of rates for different types of income, such as employment income, business income, and investment income.

The Act also includes provisions related to working holiday makers, who are individuals who are holding a Subclass 417 or Subclass 462 visa. These provisions outline the tax payable by these individuals on their assessable income derived from sources in Australia.

In addition, the Act incorporates the Assessment Act, which is another legislation that deals with taxation. The incorporation of the Assessment Act means that the Income Tax Rates Act 1986 should be read together with it to ensure consistency and clarity in the application of tax laws.

Overall, the Income Tax Rates Act 1986 provides a framework for the taxation of individuals and companies in Australia, and outlines the rates of tax payable on different types of income.