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Taxation Laws Amendment (Personal Income Tax Reduction) Bill 2003
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”.

 

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 29 May 2003

Senate on 16 June 2003 ]

 

 

(73/03)