Treasury Laws Amendment (Tax Relief So Working Australians Keep More Of Their Money) Bill 2019

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
46

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Summary

Amends the: Income Tax Assessment Act 1997 to: increase the base and maximum amounts of the low and middle income tax offset to $255 and $1080, respectively, for the 2018-19, 2019-20, 2020-21 and 2021-22 financial years; and increase the maximum amount of the low income tax offset from $645 to $700 from the 2022-23 financial year; and Income Tax Rates Act 1986 to reduce the tax payable by individuals from the 2022-23 financial year by increasing the top threshold of the 19 per cent income tax bracket from $41 000 to $45 000, and from the 2024-25 financial year by reducing the 32.5 per cent income tax rate to 30 per cent.

Progress

House of Representatives
Introduced and read a first time 02 Jul 2019
Second reading moved 02 Jul 2019
Second reading debate 02 Jul 2019
Second reading agreed to 02 Jul 2019
Consideration in detail debate 02 Jul 2019
Third reading moved 02 Jul 2019
Third reading debated 02 Jul 2019
Third reading agreed to 02 Jul 2019
Senate
Introduced and read a first time 04 Jul 2019
Second reading moved 04 Jul 2019
Second reading debate 04 Jul 2019
Second reading agreed to 04 Jul 2019
Committee of the Whole debate 04 Jul 2019
Third reading agreed to 04 Jul 2019
Finally passed both Houses 04 Jul 2019
Assent
  • Act no: 52
  • Year: 2019
05 Jul 2019

Documents and transcripts

Text of bill

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Explanatory memoranda

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Proposed amendments

House of representatives

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Senate

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Schedules of amendments

No documents at present

Bills digest

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Notes

Helpful information

Text of bill

  • First reading: Text of the bill as introduced into the Parliament
  • Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
  • As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

  • Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
  • Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
  • Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.