Taxation (Budget Measures) Act 2010

32 Schedule 1—Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits: part D, table 2

• Schedule 1, part D, table 2 is replaced by the following:

  Table 2

  Row	Conditions			Payment rate
  1	The payer of the interest has not been supplied with the tax file number of a person who is paid the interest.			0.330
  2	The payer of the interest—
  	(a)		has been supplied with the tax file number of a person who opens a new account after 31 March 2010 and who is paid the interest; and
  	(b)		has not received a payment rate election from the recipient of the interest:
  	(c)		is not required to use a rate notified by the Commissioner under section 25A of the Tax Administration Act 1994.	0.330
  3	The payer of the interest—
  	(a)		has been supplied with the tax file number of a person who is paid the interest; and
  	(b)		has received a payment rate election from the recipient of the interest––
  		(i)	before 1 October 2010, choosing the 0.390 or 0.380 payment rate, and the payer is not required to use a rate notified by the Commissioner under section 25A of the Tax Administration Act 1994:
  		(ii)	on or after 1 October 2010, choosing the 0.330 payment rate.	0.330
  4	The payer of the interest—
  	(a)		has been supplied with the tax file number of a person who is paid the interest; and
  	(b)		has received a payment rate election from the recipient of the interest––
  		(i)	before 1 October 2010, choosing the 0.330 payment rate, and the payer is not required to use a rate notified by the Commissioner under section 25A of the Tax Administration Act 1994:
  		(ii)	on or after 1 October 2010, choosing the 0.300 payment rate.	0.300
  5	The payer of the interest—
  	(a)		has been supplied with the tax file number of a person who has not opened a new account after 31 March 2010 and who is paid the interest; and
  	(b)		has not received a payment rate election from the recipient of the interest; and
  	(c)		is not required to use a rate notified by the Commissioner under section 25A of the Tax Administration Act 1994.	0.175
  6	The payer of the interest—
  	(a)		has been supplied with the tax file number of a person who is paid the interest; and
  	(b)		has received a payment rate election from the recipient of the interest––
  		(i)	before 1 October 2010, choosing the 0.195 or 0.210 payment rate, and the payer is not required to use a rate notified by the Commissioner under section 25A of the Tax Administration Act 1994:
  		(ii)	on or after 1 October 2010, choosing the 0.175 payment rate.	0.175
  7	The payer of the interest—
  	(a)		has been supplied with the tax file number of a person, other than a trustee, who is paid the interest; and
  	(b)		has received a payment rate election from the recipient of the interest––
  		(i)	before 1 October 2010, choosing the 0.125 payment rate, and the payer is not required to use a rate notified by the Commissioner under section 25A of the Tax Administration Act 1994:
  		(ii)	on or after 1 October 2010, choosing the 0.105 payment rate; and
  	(c)		the recipient has a reasonable expectation at the time of the election that their income for the income year will be $14,000 or less.	0.105
  8	The payer of the interest—
  	(a)		has been supplied with the tax file number of a person who is paid the interest as a trustee of a testamentary trust to which section HC 37 applies; and
  	(b)		has received a payment rate election from the recipient of the interest––
  		(i)	before 1 October 2010, choosing the 0.125 payment rate, and the payer of the interest is not required to use a rate notified by the Commissioner under section 25A of the Tax Administration Act 1994:
  		(ii)	on or after 1 October 2010, choosing the 0.105 payment rate.	0.105
  How to use this table:Find the applicable condition in the second column, in order to find the relevant rate to apply, in the third column.