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This is a Bill, not an Act. For current law, see the Acts databases.
TAX LAWS AMENDMENT (INCOME TAX RATES) BILL 2012
2010-2011-2012
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Tax Laws Amendment (Income Tax
Rates) Bill 2012
No. , 2012
(Treasury)
A Bill for an Act to amend the Income Tax Rates
Act 1986, and for related purposes
i Tax Laws Amendment (Income Tax Rates) Bill 2012 No. , 2012
Contents
1 Short
title
...........................................................................................
1
2 Commencement
.................................................................................
1
3 Schedule(s)
........................................................................................
1
Schedule 1--Non-resident personal tax rates
3
Income Tax Rates Act 1986
3
Tax Laws Amendment (Income Tax Rates) Bill 2012 No. , 2012 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 Tax Laws Amendment (Income Tax
5
Rates) Act 2012.
6
2 Commencement
7
This Act commences on the day this Act receives the Royal
8
Assent.
9
3 Schedule(s)
10
Each Act that is specified in a Schedule to this Act is amended or
11
repealed as set out in the applicable items in the Schedule
12
2 Tax Laws Amendment (Income Tax Rates) Bill 2012 No. , 2012
concerned, and any other item in a Schedule to this Act has effect
1
according to its terms.
2
3
Non-resident personal tax rates Schedule 1
Tax Laws Amendment (Income Tax Rates) Bill 2012 No. , 2012 3
Schedule 1--Non-resident personal tax rates
1
2
Income Tax Rates Act 1986
3
1 Subsection 3(1)
4
Insert:
5
second resident personal tax rate means the rate mentioned in
6
item 2 of the table in clause 1 of Part I of Schedule 7.
7
2 Subparagraph 15(2)(a)(i)
8
Repeal the subparagraph, substitute:
9
(i) the amount ascertained by applying the second resident
10
personal tax rate to that eligible taxable income; or
11
3 Subparagraph 15(2)(b)(i)
12
Repeal the subparagraph, substitute:
13
(i) the amount ascertained by applying the second resident
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personal tax rate to $416, and then adding 66% of the
15
amount by which that eligible taxable income exceeds
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$416; or
17
4 Subparagraph 15(4)(c)(i)
18
Repeal the subparagraph, substitute:
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(i) the amount ascertained by applying the second resident
20
personal tax rate to the amount of the eligible part of
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that share; or
22
5 Subparagraph 15(4)(d)(i)
23
Repeal the subparagraph, substitute:
24
(i) the amount ascertained by applying the second resident
25
personal tax rate to $416, and then adding 66% of the
26
amount by which the eligible part of that share exceeds
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$416; or
28
6 Clause 1 of Part II of Schedule 7 (table)
29
Repeal the table, substitute:
30
Schedule 1 Non-resident personal tax rates
4 Tax Laws Amendment (Income Tax Rates) Bill 2012 No. , 2012
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 $80,000
The second resident
personal tax rate
2
exceeds $80,000 but does not exceed
$180,000
37%
3 exceeds
$180,000
45%
7 Clause 1A of Part II of Schedule 7 (note)
1
Repeal the note, substitute:
2
Note 1:
This clause will be repealed on 1 July 2016. See Part 2 of Schedule 2
3
to the Tax Laws Amendment (2011 Measures No. 7) Act 2011.
4
Note 2:
In the 2011-12 year of income, the rate applicable under item 1 of the
5
table was 29%.
6
8 Application provision
7
The amendments made by this Schedule apply to the 2012-2013 year of
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income and later years of income.
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