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

Commonwealth Numbered Acts

- 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%

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".

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