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This is a Bill, not an Act. For current law, see the Acts databases.
2016-2017-2018
The Parliament of the
Commonwealth of Australia
THE SENATE
Presented and read a first time
Lower Tax Bill 2018
No. , 2018
(Senator Leyonhjelm)
A Bill for an Act to amend the law relating to
taxation, and for related purposes
No. , 2018
Lower Tax Bill 2018
i
Contents
1
Short title ........................................................................................... 1
2
Commencement ................................................................................. 1
3
Schedules ........................................................................................... 2
Schedule 1--Amendments
3
Part 1--Repeals
3
A New Tax System (Luxury Car Tax) Act 1999
3
A New Tax System (Luxury Car Tax Imposition--Customs) Act 1999
3
A New Tax System (Luxury Car Tax Imposition--Excise) Act 1999
3
A New Tax System (Luxury Car Tax Imposition--General) Act 1999
3
A New Tax System (Wine Equalisation Tax) Act 1999
3
A New Tax System (Wine Equalisation Tax Imposition--Customs) Act
1999
4
A New Tax System (Wine Equalisation Tax Imposition--Excise) Act
1999
4
A New Tax System (Wine Equalisation Tax Imposition--General) Act
1999
4
Customs Tariff Act 1995
4
Customs Tariff (Anti-Dumping) Act 1975
4
Excise Act 1901
4
Excise Tariff Act 1921
5
Fuel Tax Act 2006
5
Major Bank Levy Act 2017
5
Passenger Movement Charge Act 1978
5
Petroleum Excise (Prices) Act 1987
5
Product Stewardship (Oil) Act 2000
5
Tradex Duty Imposition (Customs) Act 1999
5
Tradex Duty Imposition (Excise) Act 1999
6
Tradex Duty Imposition (General) Act 1999
6
Tradex Scheme Act 1999
6
Treasury Laws Amendment (Personal Income Tax Plan) Act 2018
6
Part 2--Income tax and Medicare levy amendments
7
ii
Lower Tax Bill 2018
No. , 2018
Income Tax Assessment Act 1936
7
Income Tax Assessment Act 1997
7
Income Tax Rates Act 1986
7
Medicare Levy Act 1986
9
Part 3--Fringe benefits tax amendments
10
Fringe Benefits Tax Act 1986
10
No. , 2018
Lower Tax Bill 2018
1
A Bill for an Act to amend the law relating to
1
taxation, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act is the Lower Tax Act 2018.
5
2 Commencement
6
(1) Each provision of this Act specified in column 1 of the table
7
commences, or is taken to have commenced, in accordance with
8
column 2 of the table. Any other statement in column 2 has effect
9
according to its terms.
10
11
2
Lower Tax Bill 2018
No. , 2018
Commencement information
Column 1
Column 2
Column 3
Provisions
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,
Parts 1 and 2
The first 1 July after this Act receives the
Royal Assent.
3. Schedule 1,
Part 3
The first 1 April after this Act receives the
Royal Assent.
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 Schedules
7
Legislation 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
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Amendments Schedule 1
Repeals Part 1
No. , 2018
Lower Tax Bill 2018
3
Schedule 1--Amendments
1
Part 1--Repeals
2
A New Tax System (Luxury Car Tax) Act 1999
3
1 The whole of the Act
4
Repeal the Act.
5
A New Tax System (Luxury Car Tax Imposition--Customs)
6
Act 1999
7
2 The whole of the Act
8
Repeal the Act.
9
A New Tax System (Luxury Car Tax Imposition--Excise) Act
10
1999
11
3 The whole of the Act
12
Repeal the Act.
13
A New Tax System (Luxury Car Tax Imposition--General)
14
Act 1999
15
4 The whole of the Act
16
Repeal the Act.
17
A New Tax System (Wine Equalisation Tax) Act 1999
18
5 The whole of the Act
19
Repeal the Act.
20
Schedule 1 Amendments
Part 1 Repeals
4
Lower Tax Bill 2018
No. , 2018
A New Tax System (Wine Equalisation Tax Imposition--
1
Customs) Act 1999
2
6 The whole of the Act
3
Repeal the Act.
4
A New Tax System (Wine Equalisation Tax Imposition--
5
Excise) Act 1999
6
7 The whole of the Act
7
Repeal the Act.
8
A New Tax System (Wine Equalisation Tax Imposition--
9
General) Act 1999
10
8 The whole of the Act
11
Repeal the Act.
12
Customs Tariff Act 1995
13
9 The whole of the Act
14
Repeal the Act.
15
Customs Tariff (Anti-Dumping) Act 1975
16
10 The whole of the Act
17
Repeal the Act.
18
Excise Act 1901
19
11 The whole of the Act
20
Repeal the Act.
21
Amendments Schedule 1
Repeals Part 1
No. , 2018
Lower Tax Bill 2018
5
Excise Tariff Act 1921
1
12 The whole of the Act
2
Repeal the Act.
3
Fuel Tax Act 2006
4
13 The whole of the Act
5
Repeal the Act.
6
Major Bank Levy Act 2017
7
14 The whole of the Act
8
Repeal the Act.
9
Passenger Movement Charge Act 1978
10
15 The whole of the Act
11
Repeal the Act.
12
Petroleum Excise (Prices) Act 1987
13
16 The whole of the Act
14
Repeal the Act.
15
Product Stewardship (Oil) Act 2000
16
17 The whole of the Act
17
Repeal the Act.
18
Tradex Duty Imposition (Customs) Act 1999
19
18 The whole of the Act
20
Repeal the Act.
21
Schedule 1 Amendments
Part 1 Repeals
6
Lower Tax Bill 2018
No. , 2018
Tradex Duty Imposition (Excise) Act 1999
1
19 The whole of the Act
2
Repeal the Act.
3
Tradex Duty Imposition (General) Act 1999
4
20 The whole of the Act
5
Repeal the Act.
6
Tradex Scheme Act 1999
7
21 The whole of the Act
8
Repeal the Act.
9
Treasury Laws Amendment (Personal Income Tax Plan) Act
10
2018
11
22 The whole of the Act
12
Repeal the Act.
13
Amendments Schedule 1
Income tax and Medicare levy amendments Part 2
No. , 2018
Lower Tax Bill 2018
7
Part 2--Income tax and Medicare levy amendments
1
Income Tax Assessment Act 1936
2
23 Section 159N
3
Repeal the section.
4
Income Tax Assessment Act 1997
5
24 Section 13-
1 (table item headed "low income earner")
6
Omit:
7
general ................................................................................ Subdivision 61-D
25 Subdivision 61-D
8
Repeal the Subdivision.
9
26 Subsection 63-10 (table item 17)
10
Repeal the table item.
11
27 Subsection 63-10(1) (note 7)
12
Repeal the note.
13
Income Tax Rates Act 1986
14
28 Subsection 3(1) (definition of base rate entity)
15
Repeal the definition.
16
29 Subsection 3(1) (definition of tax-free threshold)
17
Omit "$18,200", substitute "$40,000".
18
30 Subsection 23(2)
19
Omit all the words after "of a company", substitute "is 20%".
20
31 Paragraph 23(3)(b)
21
Omit all the words after "the standard", substitute "component--20%".
22
Schedule 1 Amendments
Part 2 Income tax and Medicare levy amendments
8
Lower Tax Bill 2018
No. , 2018
32 Paragraph 23(4)(b)
1
Omit "25%", substitute "20%".
2
33 Paragraph 23(4)(c)
3
Omit all the words after "the PDF", substitute "component--20%".
4
34 Paragraph 23(5)(b)
5
Omit "25%", substitute "20%".
6
35 Paragraph 23(6)(b)
7
Omit all the words after "not greater", substitute "than $653".
8
36 Subsection 23(7)
9
Omit all the words after "not be greater", substitute "than 30% of the
10
amount by which the taxable income of the company exceeds $49,999,
11
if the company is a recognised medium credit union in relation to the
12
year of income".
13
37 Section 23AA
14
Repeal the section.
15
38 Section 25
16
Omit all the words after "to pay tax", substitute "is 20%".
17
39 Paragraph 1(b) of Part I of Schedule 7
18
Repeal the paragraph, substitute:
19
(b) 20% for each part of the ordinary taxable income of the
20
taxpayer that exceeds the tax-free threshold.
21
40 Clause 1 of Part I of Schedule 7 (tables)
22
Repeal the tables.
23
41 Paragraph 4(a) of Part I of Schedule 7
24
Omit "the table in clause 1 that is applicable to the year of income",
25
substitute "paragraph 1(b)".
26
42 Paragraph 4(b) of Part I of Schedule 7
27
Omit "the rates in that table", substitute "the rate in paragraph 1(b)".
28
Amendments Schedule 1
Income tax and Medicare levy amendments Part 2
No. , 2018
Lower Tax Bill 2018
9
43 Paragraph 1(b) of Part II of Schedule 7
1
Repeal the paragraph, substitute:
2
(b) 20% of the ordinary taxable income of the taxpayer.
3
44 Clause 1 of Part II of Schedule 7 (tables)
4
Repeal the tables.
5
45 Paragraph 4(a) of Part II of Schedule 7
6
Omit "the table in clause 1 applicable to the year of income", substitute
7
"paragraph 1(b)".
8
46 Paragraph 4(b) of Part II of Schedule 7
9
Omit "rates in that table", substitute "rate in paragraph 1(b)".
10
47 Clause 1 of Part III of Schedule 7
11
Repeal the clause, substitute:
12
1. The rate of tax on a taxpayer's working holiday taxable income for
13
a year of income is 20% for that part of the taxpayer's working
14
holiday taxable income that exceeds the tax-free threshold.
15
Medicare Levy Act 1986
16
48 Section 6
17
Omit "2%" (wherever occurring), substitute "0%".
18
49 Section 7
19
Omit "10%" (wherever occurring), substitute "0%".
20
Schedule 1 Amendments
Part 3 Fringe benefits tax amendments
10
Lower Tax Bill 2018
No. , 2018
Part 3--Fringe benefits tax amendments
1
Fringe Benefits Tax Act 1986
2
50 Section 6
3
Omit "47%", substitute "20%".
4