TAX LAWS AMENDMENT (PERSONAL TAX REDUCTION AND IMPROVED DEPRECIATION ARRANGEMENTS) ACT 2006 (NO. 55, 2006) Table of Provisions Long Title 1 Short title 2 Commencement 3 Schedule(s) SCHEDULE 1 Reduced personal income tax rates SCHEDULE 2 Reduced fringe benefits tax rate SCHEDULE 3 Increased low income tax offset SCHEDULE 4 Increased threshold for Medicare levy SCHEDULE 5 Improved depreciation arrangements