TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2003 NO. 45, 2003 

TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2003 NO. 45, 2003 
- TABLE OF PROVISIONS

1.   Short title   
2.   Commencement   
3.   Schedule(s)   
4.   Application   
SCHEDULE 1 - Amendments 

TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2003 NO. 45, 2003
- LONG TITLE
[GRAPHIC]

Taxation Laws Amendment (Personal Income Tax Reduction) Act
2003

No. 45, 2003

An Act to amend taxation laws to reduce personal income
tax, to increase the rebate for certain low-income taxpayers, and for related
purposes
  
  

TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2003 No. 45, 2003
- SECT 1   Short title 

 
        This Act may be cited as the Taxation Laws Amendment (Personal Income Tax
Reduction) Act 2003.

TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2003 No. 45, 2003
- SECT 2   Commencement 

 
        This Act commences on the day on which it receives the Royal Assent.

TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2003 No. 45, 2003
- SECT 3   Schedule(s) 

 
        Each Act that is specified in a Schedule to this Act is amended or repealed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.

TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2003 No. 45, 2003
- SECT 4   Application 

 
        The amendments made by Schedule 1 apply to assessments for the 2003-2004
income year and later income years.

TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2003 NO. 45, 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".

TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2003 NO. 45, 2003
- NOTES
Compilation Information

[GRAPHIC]
Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003
No. 45, 2003
An Act to amend taxation laws to reduce personal income tax, to increase
the rebate for certain low-income taxpayers, and for related purposes
[Assented to 24 June 2003]
The Parliament of Australia enacts:

TAXATION LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2003 NO. 45, 2003
- NOTES
Note
[Minister's second reading speech made in--
House of Representatives on 29 May 2003
Senate on 16 June 2003]
(73/03)