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TAX LAWS AMENDMENT (PERSONAL INCOME TAX REDUCTION) ACT 2008 (NO. 29, 2008) - SCHEDULE 1

Amendments

Part 1 -- Amendments having effect from the 2008‑09 year of income

Income Tax Assessment Act 1936

1  Subsection 159N(1)

Omit "$48,750", substitute "$60,000".

2  Subsection 159N(2)

Omit "$750", substitute "$1,200".

Income Tax Rates Act 1986

3  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 $34,000

15%

2

exceeds $34,000 but does not exceed $80,000

30%

3

exceeds $80,000 but does not exceed $180,000

40%

4

exceeds $180,000

45%

4  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 $34,000

29%

2

exceeds $34,000 but does not exceed $80,000

30%

3

exceeds $80,000 but does not exceed $180,000

40%

4

exceeds $180,000

45%

5  Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8

Omit "$30,000" (wherever occurring), substitute "$34,000".

6  Paragraph 2(b) of Part I of Schedule 10

Omit "$30,000" (wherever occurring), substitute "$34,000".

Medicare Levy Act 1986

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

Omit "$30,431", substitute "$33,961".

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

Omit "$25,867", substitute "$28,867".

9  Subsection 8(7)

Omit "$37,950", substitute "$42,000".

10  Application

The amendments made by this Part apply to assessments for the 2008‑09 year of income.


 

Part 2 -- Amendments having effect from the 2009‑10 year of income

Income Tax Assessment Act 1936

11  Subsection 159N(1)

Omit "$60,000", substitute "$63,750".

12  Subsection 159N(2)

Omit "$1,200", substitute "$1,350".

Income Tax Rates Act 1986

13  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 $35,000

15%

2

exceeds $35,000 but does not exceed $80,000

30%

3

exceeds $80,000 but does not exceed $180,000

38%

4

exceeds $180,000

45%

14  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 $35,000

29%

2

exceeds $35,000 but does not exceed $80,000

30%

3

exceeds $80,000 but does not exceed $180,000

38%

4

exceeds $180,000

45%

15  Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8

Omit "$34,000" (wherever occurring), substitute "$35,000".

16  Paragraph 2(b) of Part I of Schedule 10

Omit "$34,000" (wherever occurring), substitute "$35,000".

Medicare Levy Act 1986

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

Omit "$33,961", substitute "$35,137".

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

Omit "$28,867", substitute "$29,867".

19  Subsection 8(7)

Omit "$42,000", substitute "$43,500".

20  Application

The amendments made by this Part apply to assessments for the 2009‑10 year of income.


 

Part 3 -- Amendments having effect from the 2010‑11 year of income

Income Tax Assessment Act 1936

21  Subsection 159N(1)

Omit "$63,750", substitute "$67,500".

22  Subsection 159N(2)

Omit "$1,350", substitute "$1,500".

Income Tax Rates Act 1986

23  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 $37,000

15%

2

exceeds $37,000 but does not exceed $80,000

30%

3

exceeds $80,000 but does not exceed $180,000

37%

4

exceeds $180,000

45%

24  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 $37,000

29%

2

exceeds $37,000 but does not exceed $80,000

30%

3

exceeds $80,000 but does not exceed $180,000

37%

4

exceeds $180,000

45%

25  Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8

Omit "$35,000" (wherever occurring), substitute "$37,000".

26  Paragraph 2(b) of Part I of Schedule 10

Omit "$35,000" (wherever occurring), substitute "$37,000".

Medicare Levy Act 1986

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

Omit "$35,137", substitute "$36,100".

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

Omit "$29,867", substitute "$30,685".

29  Subsection 8(7)

Omit "$43,500", substitute "$44,500".

30  Application

The amendments made by this Part apply to assessments for the 2010‑11 year of income and later years of income.

 

 

 

 

[ Minister's second reading speech made in--

House of Representatives on 14 February 2008

Senate on 13 March 2008 ]

(15/08)

 


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