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TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) BILL 2003

2002-2003

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES




Presented and read a first time









Taxation Laws Amendment (Personal Income Tax Reduction) Bill 2003

No. , 2003

(Treasury)



A Bill for an Act to amend taxation laws to reduce personal income tax, to increase the rebate for certain low-income taxpayers, and for related purposes

Contents

Income Tax Assessment Act 1936 3

Income Tax Rates Act 1986 3

Medicare Levy Act 1986 4

A Bill for an Act to amend taxation laws to reduce personal income tax, to increase the rebate for certain low-income taxpayers, and for related purposes

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003.

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

4 Application

The amendments made by Schedule 1 apply to assessments for the 2003-2004 income year and later income years.

Schedule 1—Amendments

Income Tax Assessment Act 1936

1 Subsection 159N(1)

Omit “$24,450”, substitute “$27,475”.

2 Subsection 159N(2)

Omit “$150”, substitute “$235”.

3 Subsection 159N(2)

Omit “$20,700”, substitute “$21,600”.

Income Tax Rates Act 1986

4 Clause 1 of Part I of Schedule 7 (table)

Repeal the table, substitute:

Tax rates for resident taxpayers
Item	For the part of the ordinary taxable income of the taxpayer that:	The rate is:
1	exceeds $6,000 but does not exceed $21,600	17%
2	exceeds $21,600 but does not exceed $52,000	30%
3	exceeds $52,000 but does not exceed $62,500	42%
4	exceeds $62,500	47%

5 Clause 1 of Part II of Schedule 7 (table)

Repeal the table, substitute:

Tax rates for non-resident taxpayers
Item	For the part of the ordinary taxable income of the taxpayer that:	The rate is:
1	does not exceed $21,600	29%
2	exceeds $21,600 but does not exceed $52,000	30%
3	exceeds $52,000 but does not exceed $62,500	42%
4	exceeds $62,500	47%

6 Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8

Omit “$20,000” (wherever occurring), substitute “$21,600”.

7 Paragraph 2(b) of Part I of Schedule 10

Omit “$20,000” (wherever occurring), substitute “$21,600”.

Medicare Levy Act 1986

8 Subsection 3(1) (paragraph (a) of the definition of phase-in limit)

Omit “$21,621”, substitute “$22,162”.

9 Subsection 3(1) (paragraph (a) of the definition of threshold amount)

Omit “$20,000”, substitute “$20,500”.

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