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Tax Laws Amendment (Income Tax Rates) Bill 2012

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2010-2011-2012

 

THE PARLIAMENT OF THE COMMONWEALTH OF AUSTRALIA

 

HOUSE OF REPRESENTATIVES

 

tax laws amendment (INCOME TAX RATES) bill 2012

 

SUPPLEMENTARY EXPLANATORY MEMORANDUM

 

Amendments to be moved on behalf of the Government.

 

 

Explanation of amendments

Amendments 3 to 5 make consequential amendments to the $732 threshold for non-resident minors.  The threshold will be reduced from $732 to $663 as a result of the changes to the tax rates legislated to take effect from the 2012-13 year of income.   

Amendment 7 further reduces the threshold amount from $663 to $653 as a result of the changes to the tax rates legislated to take effect from 1 July 2015.   

Amendment 1 sets out the commencement of the amendments. 

Amendments 2 and 6 are consequential amendments to the Bill. 

 

 

(Circulated by the authority of the

Deputy Prime Minister and Treasurer, the Hon Wayne Swan MP)