SCHEDULES

SCHEDULE 1Abolition of starting and savings rates and creation of starting rate for savings

Part 1Amendments of ITA 2007

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1

Section 498 (types of income tax for purposes of section 497) is amended as follows.

2

In subsection (1), in Type 3A, for “savings rate” substitute “ basic rate ”.

3

In that subsection, in Type 4, omit “or at the savings rate”.

4

In subsection (2A), for “savings rate” substitute “ basic rate ”.