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Thursday, 3 November 1983
Page: 2312

Mr KEATING (Treasurer)(4.12) —I move:

That the Bill be now read a second time.

This is an annual measure which formally imposes personal income tax rates for the current 1983-84 financial year. The rates imposed by this Bill are those declared for that year in the Income Tax (Rates) Act 1982 as proposed to be amended by the accompanying Income Tax (Rates) Amendment Bill (No. 2) 1983. The Rates for 1983-84 reflect for the full year the changes made to the personal income tax rate scale with effect from 1 November 1982. These will result in a reduction in tax payable, on equivalent taxable incomes, on 1983-84 assessments as compared with 1982-83 assessments, for all resident individual taxpayers. The reductions in tax will be reflected in provisional tax payable for 1983-84 which is also formally imposed by this Bill. I commend the Bill to the House.

Debate (on motion by Mr Howard) adjourned.