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Tax Laws Amendment (Personal Income Tax Reduction) Bill 2008


Type
Government
Originating house
House of Representatives
Status
Act
Portfolio
Treasury

Summary

Amends the: Income Tax Rates Act 1986 to increase the threshold for the 30 per cent marginal tax rate (from 1 July 2008) and phase-in a decrease to the 40 per cent marginal tax rate commencing 1 July 2009; Income Tax Assessment Act 1936 to increase the maximum amount of low income tax offset; and Medicare Levy Act 1986 to increase the income threshold that applies to taxpayers who are eligible for the senior Australians tax offset.

Progress of bill

For committee reference information, please see the Notes section at the end of this page.

House of Representatives
Introduced and read a first time 14/02/08  
Second reading moved 14/02/08  
Second reading agreed to 12/03/08  
Third reading agreed to 12/03/08  
     
Senate
Introduced and read a first time 13/03/08  
Second reading moved 13/03/08  
Second reading debate 15/05/08  
Second reading agreed to 15/05/08  
Committee of the Whole debate 16/06/08  
Third reading agreed to 16/06/08  
     
Assent 23/06/08 Act no.: 29 - Year: 2008
     

Text of bill

  • First reading

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Explanatory memoranda

  • Explanatory memorandum

MS-Word PDF HTML

Second reading speeches


Proposed amendments

Senate
  • Australian Democrats [sheet 5438]
MURRAY, Andrew

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  • Australian Democrats [sheet 5442]
MURRAY, Andrew

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  • Australian Greens [sheet 5480]
BROWN, Sen Bob

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Schedules of amendments

Bills Digest



Notes
  • Referred to Committee (12/03/2008): Senate Economics Committee
  • Committee report (01/05/2008)
  • An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)