Note: Where available, the PDF/Word icon below is provided to view the complete and fully formatted document
Tax Laws Amendment (Personal Income Tax Reduction) Bill 2007

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.

 

 

 

[ Minister’s second reading speech made in—

House of Representatives on 10 May 2007

Senate on 12 June 2007 ]

(78/07)