Part of a package of 18 bills to implement a carbon pricing mechanism, the bill amends the:
Income Tax Assessment Act 1936 to: transfer $1050 from the low income tax offset (LITO) into income tax rates from 1 July 2012; and transfer a further $145 from the LITO into income tax rates from 1 July 2015;
A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999 and
Medicare Levy Act 1986 to increase the Medicare levy low income thresholds and phase in limits; and
Income Tax Assessment Act 1936,
Income Tax Assessment Act 1997 and
Medicare Levy Act 1986 to combine the pensioner tax offset with the senior Australians tax offset.