TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2005 NO. 101, 2005 

TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2005 NO. 101, 2005 
- TABLE OF PROVISIONS

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

TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2005 NO. 101, 2005
- LONG TITLE
[GRAPHIC]

Tax Laws Amendment (Personal Income Tax Reduction) Act
2005

No. 101, 2005

An Act to reduce personal income tax, and for other
purposes
  
  

TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2005 No. 101, 2005
- SECT 1   Short title 

 
        This Act may be cited as the Tax Laws Amendment (Personal Income Tax
Reduction) Act 2005.

TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2005 No. 101, 2005
- SECT 2   Commencement 

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

TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2005 No. 101, 2005
- 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        Each Act that is specified in a Schedule to this Act is amended or repealed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.

TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2005 No. 101, 2005
- SECT 4   Application 

 
        The amendments made by Schedule 1 apply to assessments for the 2005-2006
year of income and later years of income.

TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2005 NO. 101, 2005
- SCHEDULE 1 - Amendments
   

Income Tax Rates Act 1986

1  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

15%

2

        (a)
for the 2005-06 year of income--exceeds $21,600 but does not exceed $63,000;
and
        (b) for later years of income--exceeds $21,600 but does not exceed $70,000

30%

3

        (a)
for the 2005-06 year of income--exceeds $63,000 but does not exceed $95,000;
and
        (b) for later years of income--exceeds $70,000 but does not exceed $125,000

42%

4

        (a)
for the 2005-06 year of income--exceeds $95,000; and
        (b) for later years of income--exceeds $125,000

47%

2  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

        (a)
for the 2005-06 year of income--exceeds $21,600 but does not exceed $63,000;
and
        (b) for later years of income--exceeds $21,600 but does not exceed $70,000

30%

3

        (a)
for the 2005-06 year of income--exceeds $63,000 but does not exceed $95,000;
and
        (b) for later years of income--exceeds $70,000 but does not exceed $125,000

42%

4

        (a)
for the 2005-06 year of income--exceeds $95,000; and
        (b) for later years of income--exceeds $125,000

47%
Medicare
Levy Act 1986

3  Subsection 3(1) (paragraph (a) of the definition of phase-in limit)

Omit "$22,162", substitute "$23,749".

4  Subsection 3(1) (paragraph (a) of the definition of threshold amount)

Omit "$20,500", substitute "$21,968".

TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2005 NO. 101, 2005
- NOTES
Compilation Information

[GRAPHIC]
Tax Laws Amendment (Personal Income Tax Reduction) Act 2005
No. 101, 2005
An Act to reduce personal income tax, and for other purposes
[Assented to 12 August 2005]
The Parliament of Australia enacts:

TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2005 NO. 101, 2005
- NOTES
Note

[Minister's second reading speech made in--
House of Representatives on 12 May 2005
Senate on 14 June 2005]
(66/05)