Second Reading Speeches

Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018

Type
Government
Portfolio
Treasury
Originating house
House of Representatives
Status
Act
Parliament no
45

Track (What's this?)

Permalink

Summary

Amends the:

Income Tax Assessment Act 1997
,
Income Tax Assessment Act 1936
and
Taxation Administration Act 1953
to: introduce a low and middle income tax offset to reduce the tax payable by low and middle income earners that are Australian residents in the 2018-19, 2019-20, 2020-21 and 2021-22 financial years; and merge the low and middle income offset and the current low income tax offset into a new low income tax offset from the 2022-23 financial year;
Income Tax Rates Act 1986
to progressively increase the income tax rate thresholds in the 2018-19, 2022-23 and 2024-25 financial years; and Income Tax Assessment (1936 Act) Regulation 2015 and five Acts to make consequential amendments.