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Lower Tax Bill 2018

2016-2017-2018

 

The Parliament of the

Commonwealth of Australia

 

THE SENATE

 

 

 

 

Presented and read a first time

 

 

 

 

Lower Tax Bill 2018

 

No.      , 2018

 

(Senator Leyonhjelm)

 

 

 

A Bill for an Act to amend the law relating to taxation, and for related purposes

   

   



Contents

1............ Short title............................................................................................. 1

2............ Commencement................................................................................... 1

3............ Schedules............................................................................................ 2

Schedule 1—Amendments                                                                                                 3

Part 1—Repeals                                                                                                                 3

A New Tax System (Luxury Car Tax) Act 1999                                                        3

A New Tax System (Luxury Car Tax Imposition—Customs) Act 1999                3

A New Tax System (Luxury Car Tax Imposition—Excise) Act 1999                    3

A New Tax System (Luxury Car Tax Imposition—General) Act 1999                 3

A New Tax System (Wine Equalisation Tax) Act 1999                                          3

A New Tax System (Wine Equalisation Tax Imposition—Customs) Act 1999   4

A New Tax System (Wine Equalisation Tax Imposition—Excise) Act 1999      4

A New Tax System (Wine Equalisation Tax Imposition—General) Act 1999   4

Customs Tariff Act 1995                                                                                              4

Customs Tariff (Anti-Dumping) Act 1975                                                                4

Excise Act 1901                                                                                                             4

Excise Tariff Act 1921                                                                                                 5

Fuel Tax Act 2006                                                                                                        5

Major Bank Levy Act 2017                                                                                         5

Passenger Movement Charge Act 1978                                                                   5

Petroleum Excise (Prices) Act 1987                                                                          5

Product Stewardship (Oil) Act 2000                                                                         5

Tradex Duty Imposition (Customs) Act 1999                                                           5

Tradex Duty Imposition (Excise) Act 1999                                                              6

Tradex Duty Imposition (General) Act 1999                                                           6

Tradex Scheme Act 1999                                                                                             6

Treasury Laws Amendment (Personal Income Tax Plan) Act 2018                     6

Part 2—Income tax and Medicare levy amendments                                    7

Income Tax Assessment Act 1936                                                                               7

Income Tax Assessment Act 1997                                                                               7

Income Tax Rates Act 1986                                                                                         7

Medicare Levy Act 1986                                                                                              9

Part 3—Fringe benefits tax amendments                                                           10

Fringe Benefits Tax Act 1986                                                                                   10

 

 



A Bill for an Act to amend the law relating to taxation, and for related purposes

The Parliament of Australia enacts:

1   Short title

                   This Act is the Lower Tax Act 2018 .

2   Commencement

             (1)  Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 3 and anything in this Act not elsewhere covered by this table

The day this Act receives the Royal Assent .

 

2.  Schedule 1, Parts 1 and 2

The first 1 July after this Act receives the Royal Assent.

 

3.  Schedule 1, Part 3

The first 1 April after this Act receives the Royal Assent.

 

Note:          This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

             (2)  Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

                   Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.