Commonwealth of Australia Bills

[Index] [Search] [Download] [Related Items] [Help]


This is a Bill, not an Act. For current law, see the Acts databases.


CLEAN ENERGY (INCOME TAX RATES AMENDMENTS) BILL 2011

2010-2011
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Clean Energy (Income Tax Rates
Amendments) Bill 2011
No. , 2011
(Treasury)
A Bill for an Act to amend the Income Tax Rates
Act 1986, and for related purposes
i Clean Energy (Income Tax Rates Amendments) Bill 2011 No. , 2011
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
2
Schedule 1--Personal tax rates
4
Part 1--Amendments applying from the 2012-13 year of
income
4
Income Tax Rates Act 1986
4
Part 2--Amendments applying from the 2015-16 year of
income
6
Income Tax Rates Act 1986
6
Clean Energy (Income Tax Rates Amendments) Bill 2011 No. , 2011 1
A Bill for an Act to amend the Income Tax Rates
1
Act 1986, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Clean Energy (Income Tax Rates
5
Amendments) Act 2011.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2 Clean Energy (Income Tax Rates Amendments) Bill 2011 No. , 2011
Commencement information
Column 1
Column 2
Column 3
Provision(s)
Commencement
Date/Details
1. Sections 1 to 3
and anything in
this Act not
elsewhere covered
by this table
The day this Act receives the Royal Assent.
2. Schedule 1,
Part 1
The latest of:
(a) the start of 1 July 2012; and
(b) the commencement of section 3 of the
Clean Energy Act 2011; and
(c) the start of the day the Clean Energy
(Tax Laws Amendments) Act 2011
receives the Royal Assent.
However, the provision(s) do not commence
at all unless both of the events mentioned in
paragraphs (b) and (c) occur.
3. Schedule 1,
Part 2
The latest of:
(a) the start of 1 July 2015; and
(b) the commencement of section 3 of the
Clean Energy Act 2011; and
(c) the start of the day the Clean Energy
(Tax Laws Amendments) Act 2011
receives the Royal Assent.
However, the provision(s) do not commence
at all unless both of the events mentioned in
paragraphs (b) and (c) occur.
Note:
This table relates only to the provisions of this Act as originally
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
Clean Energy (Income Tax Rates Amendments) Bill 2011 No. , 2011 3
concerned, and any other item in a Schedule to this Act has effect
1
according to its terms.
2
3
Schedule 1 Personal tax rates
Part 1 Amendments applying from the 2012-13 year of income
4 Clean Energy (Income Tax Rates Amendments) Bill 2011 No. , 2011
Schedule 1--Personal tax rates
1
Part 1--Amendments applying from the 2012-13 year
2
of income
3
Income Tax Rates Act 1986
4
1 Subsection 3(1)
5
Insert:
6
tax-free threshold means $18,200.
7
2 Subsections 20(1) and (2)
8
Repeal the subsections, substitute:
9
Part-year residency periods
10
(1) This Act applies in relation to a person and a year of income as if
11
the reference in the table in Part I of Schedule 7 to the tax-free
12
threshold were a reference to the amount calculated in accordance
13
with the following formula, if there are one or more part-year
14
residency periods in relation to the person in relation to the year of
15
income:
16
Number of months in the year
of income during which there
is a part-year residency period
in relation to the person
and the year of income
The tax-free
$4,736
$4,736
threshold
12
-
+
17
Trustees
18
(1A) Subsection (1) does not apply in calculating the tax payable by the
19
trustee of a trust estate under section 98 of the Assessment Act in
20
respect of a share of a beneficiary of the net income of the trust
21
estate of a year of income.
22
(2) However, this Act applies in calculating the tax payable by the
23
trustee in respect of that share as if the reference in the table in
24
Part I of Schedule 7 to the tax-free threshold were a reference to
25
the amount calculated in accordance with the following formula, if
26
Personal tax rates Schedule 1
Amendments applying from the 2012-13 year of income Part 1
Clean Energy (Income Tax Rates Amendments) Bill 2011 No. , 2011 5
there are one or more part-year residency periods in relation to the
1
beneficiary in relation to the year of income:
2
Number of months in the year
of income when a part-year
residency period, or
part-year residency periods,
in relation to the beneficiary
in relation to the
The tax-free
$4,736
$4,736
threshold
-
+
year
of income subsisted
12
3
3 Clause 1 of Part I of Schedule 7 (table items 1 and 2)
4
Repeal the items, substitute:
5
1
exceeds the tax-free threshold but does not
exceed $37,000
19%
2
exceeds $37,000 but does not exceed $80,000
32.5%
4 Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8
6
Omit "$6,000", substitute "the tax-free threshold".
7
5 Paragraph 2(b) of Part I of Schedule 10
8
Omit "$6,000", substitute "the tax-free threshold".
9
6 Application provision
10
The amendments made by this Part apply to the 2012-13 year of income
11
and later years of income.
12
13
Schedule 1
Personal tax rates
Part 2
Amendments applying from the 2015-16 year of income
6 Clean Energy (Income Tax Rates Amendments) Bill 2011 No. , 2011
Part 2--Amendments applying from the 2015-16 year
1
of income
2
Income Tax Rates Act 1986
3
7 Subsection 3(1) (definition of tax-free threshold)
4
Omit "$18,200", substitute "$19,400".
5
8 Clause 1 of Part I of Schedule 7 (table item 2)
6
Repeal the item, substitute:
7
2
exceeds $37,000 but does not exceed $80,000
33%
9 Application provision
8
The amendments made by this Part apply to the 2015-16 year of income
9
and later years of income.
10

 


[Index] [Search] [Download] [Related Items] [Help]