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


TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) BILL 2007

2004-2005-2006-2007

The Parliament of the
Commonwealth of Australia

HOUSE OF REPRESENTATIVES


Presented and read a first time



Tax Laws Amendment (Personal Income Tax Reduction) Bill 2007

No. , 2007

(Treasury)

A Bill for an Act to amend the law relating to taxation, and for related purposes



Tax Laws Amendment (Personal Income Tax Reduction) Bill 2007 No. , 2007

Tax Laws Amendment (Personal Income Tax Reduction) Bill 2007 No. , 2007
Contents

 

1 Short title 1

 

2 Commencement 1

 

3 Schedule(s) 1
Schedule 1--Amendments 3
Part 1--Amendments having effect from the 2007-08 year of income 3
Income Tax Assessment Act 1936 3
Income Tax Rates Act 1986 3
Medicare Levy Act 1986 3
Part 2--Amendments having effect from the 2008-09 year of income 5
Income Tax Rates Act 1986 5

Schedule 1 Amendments
Part 1 Amendments having effect from the 2007-08 year of income

Amendments Schedule 1
Amendments having effect from the 2008-09 year of income Part 2


Tax Laws Amendment (Personal Income Tax Reduction) Bill 2007 No. , 2007

Tax Laws Amendment (Personal Income Tax Reduction) Bill 2007 No. , 2007

Tax Laws Amendment (Personal Income Tax Reduction) 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 (Personal Income Tax Reduction) 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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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--Amendments
Part 1--Amendments having effect from the 2007-08 year of income
Income Tax Assessment Act 1936

 

1 Subsection 159N(1)
Omit "$40,000", substitute "$48,750".

 

2 Subsection 159N(2)
Omit "$600", substitute "$750".

 

3 Subsection 159N(2)
Omit "$25,000", substitute "$30,000".

Income Tax Rates Act 1986

 

4 Clause 1 of Part I of Schedule 7 (table items 1 and 2)
Omit "$25,000", substitute "$30,000".

 

5 Clause 1 of Part II of Schedule 7 (table items 1 and 2)
Omit "$25,000", substitute "$30,000".

 

6 Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8
Omit "$25,000" (wherever occurring), substitute "$30,000".

 

7 Paragraph 2(b) of Part I of Schedule 10
Omit "$25,000" (wherever occurring), substitute "$30,000".

Medicare Levy Act 1986

 

8 Subsection 3(1) (paragraph (a) of the definition of phase-in limit)
Omit "$29,255", substitute "$30,431".

 

9 Subsection 3(1) (paragraph (a) of the definition of threshold amount)
Omit "$24,867", substitute "$25,867".

 

10 Subsection 8(7)
Omit "$33,500", substitute "$37,950".

 

11 Application
The amendments made by this Part apply to assessments for the 2007-08 year of income and later years of income.


Part 2--Amendments having effect from the 2008-09 year of income
Income Tax Rates Act 1986

 

12 Clause 1 of Part I of Schedule 7 (table items 2 and 3)
Omit "$75,000", substitute "$80,000".

 

13 Clause 1 of Part I of Schedule 7 (table items 3 and 4)
Omit "$150,000", substitute "$180,000".

 

14 Clause 1 of Part II of Schedule 7 (table items 2 and 3)
Omit "$75,000", substitute "$80,000".

 

15 Clause 1 of Part II of Schedule 7 (table items 3 and 4)
Omit "$150,000", substitute "$180,000".

 

16 Application
The amendments made by this Part apply to assessments for the 2008-09 year of income and later years of income.

 


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