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This is a Bill, not an Act. For current law, see the Acts databases.
Presented and read a first time
Tax Laws Amendment (2007 Budget Measures) Bill 2007
No. , 2007
(Treasury)
A Bill for an Act to amend the law relating to taxation, and for related purposes
Tax Laws Amendment (2007 Budget Measures) Bill 2007 No. , 2007
Tax Laws Amendment (2007 Budget Measures) Bill 2007 No. , 2007
Contents
1 Short title 1
2 Commencement 1
3 Schedule(s) 1
Schedule 1--Budget taxation measures 3
Part 1--Dependent spouse tax offset 3
Income Tax Assessment Act 1936 3
Part 2--Medicare levy and Medicare levy surcharge 6
A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999 6
Medicare Levy Act 1986 6
Schedule 1 Budget taxation measures
Part 2 Medicare levy and Medicare levy surcharge
Budget taxation measures Schedule 1
Medicare levy and Medicare levy surcharge Part 2
Tax Laws Amendment (2007 Budget Measures) Bill 2007 No. , 2007
Tax Laws Amendment (2007 Budget Measures) Bill 2007 No. , 2007
Tax Laws Amendment (2007 Budget Measures) Bill 2007 No. , 2007
A Bill for an Act to amend the law relating to taxation, and for related purposes
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Tax Laws Amendment (2007 Budget Measures) Act 2007.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Schedule 1--Budget taxation measures
Part 1--Dependent spouse tax offset
Income Tax Assessment Act 1936
1 Sub-subparagraph 23AB(7)(a)(ii)(D)
Omit all the words after "159J(2)", substitute "(ignoring subsections 159J(1AA), (3AA) and (3AB)) if subsection 159J(1B) also included a reference to any dependant included in class 1 of that table and the amount applicable to class 1 of that table were $2,440".
2 Subsection 79A(4) (paragraph (d) of the definition of relevant rebate amount)
Omit all the words after "159J(2)", substitute "(ignoring subsections 159J(1AA), (3AA) and (3AB)) if subsection 159J(1B) also included a reference to any dependant included in class 1 of that table and the amount applicable to class 1 of that table were $2,440".
3 Subsection 79B(6) (paragraph (d) of the definition of concessional rebate amount)
Omit all the words after "159J(2)", substitute "(ignoring subsections 159J(1AA), (3AA) and (3AB)) if subsection 159J(1B) also included a reference to any dependant included in class 1 of that table and the amount applicable to class 1 of that table were $2,440".
4 Subsection 159HA(7) (definition of indexable amount)
Repeal the definition, substitute:
indexable amount means:
(a) an amount specified in subsection 159J(1B) or (2) (other than the amounts specified in column 3 of the table in subsection 159J(2) in respect of a dependant included in class 3 or 4); or
(b) the amounts specified in subsection 159L(2); or
(c) the amount specified in:
(i) sub-subparagraph 23AB(7)(a)(ii)(D); or
(ii) paragraph (d) of the definition of relevant rebate amount in subsection 79A(4); or
(iii) paragraph (d) of the definition of concessional rebate amount in subsection 79B(6);
or, if any such amount has been altered under this section in relation to the 2008-09 year of income or a later year of income, the altered amount.
5 Subsection 159HA(7) (definition of indexing year of income)
Repeal the definition, substitute:
indexing year of income means the year of income commencing on 1 July 2008 or a later year of income.
6 Subsection 159J(1B)
Omit "references in that table to $1,000 were references to $1,200", substitute "the reference in that table to $1,711 were a reference to $2,051".
7 Subsection 159J(2) (table)
Repeal the table, substitute:
Column 1
Class
Column 2
Dependant
Column 3
Amounts of Rebate
1
Spouse of the taxpayer
$2,100
2
Child-housekeeper
$1,711
3
Child less than 21 years of age (not being a student)
In respect of 1 such child--$376
In respect of each other such child--$282
4
Student
$376
5
Invalid relative
$770
6
Parent of the taxpayer or of the taxpayer's spouse
$1,540
8 Paragraphs 159K(1)(a) and (b)
Omit "$940" (wherever occurring), substitute "$1,607".
9 Subsection 159K(2)
Omit "$940", substitute "$1,607".
10 Paragraph 159K(3)(b)
Omit "$940", substitute "$1,607".
11 Paragraph 159L(2)(a)
Omit "$1,200", substitute "$2,051".
12 Paragraph 159L(2)(b)
Omit "$1,000", substitute "$1,711".
13 Application of amendments
The amendments made by this Part apply to assessments for the 2007-2008 year of income and later years of income.
Part 2--Medicare levy and Medicare levy surcharge
A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999
14 Paragraphs 15(1)(c) and 16(2)(c)
Omit "$16,284", substitute "$16,740".
Medicare Levy Act 1986
15 Subsection 3(1) (paragraph (b) of the definition of phase-in limit)
Omit "$21,170", substitute "$25,455".
16 Subsection 3(1) (paragraph (c) of the definition of phase-in limit)
Omit "$17,604", substitute "$19,694".
17 Subsection 3(1) (paragraph (b) of the definition of threshold amount)
Omit "$19,583", substitute "$21,637".
18 Subsection 3(1) (paragraph (c) of the definition of threshold amount)
Omit "$16,284", substitute "$16,740".
19 Subsection 8(5) (definition of family income threshold)
Omit "$27,478", substitute "$28,247".
20 Subsection 8(5) (definition of family income threshold)
Omit "$2,523", substitute "$2,594".
21 Subsections 8(6) and (7)
Omit "$27,478", substitute "$28,247".
22 Paragraph 8D(3)(c)
Omit "$16,284", substitute "$16,740".
23 Subparagraph 8D(4)(a)(ii)
Omit "$16,284", substitute "$16,740".
24 Paragraph 8G(2)(c)
Omit "$16,284", substitute "$16,740".
25 Subparagraph 8G(3)(a)(ii)
Omit "$16,284", substitute "$16,740".
26 Application of amendments
The amendments made by this Part apply to assessments for the 2006-2007 year of income and later years of income.
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