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This is a Bill, not an Act. For current law, see the Acts databases.
2002-2003-2004
The Parliament
of the
Commonwealth of
Australia
HOUSE OF
REPRESENTATIVES
Presented and read a first
time
Tax
Laws Amendment (Personal Income Tax Reduction) Bill
2004
No. ,
2004
(Treasury)
A Bill
for an Act to reduce personal income tax, and for related
purposes
Contents
Income Tax Rates Act
1986 3
A Bill for an Act to reduce personal income tax, and for
related purposes
The Parliament of Australia enacts:
This Act may be cited as the Tax Laws Amendment (Personal Income Tax
Reduction) Act 2004.
This Act commences on the day on which it receives the Royal
Assent.
Each Act that is specified in a Schedule to this Act is amended or
repealed as set out in the applicable items in the Schedule concerned, and any
other item in a Schedule to this Act has effect according to its
terms.
1 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 $21,600 |
17% |
|
2 |
(a) for the 2004-05 year of income—exceeds $21,600 but does not
exceed $58,000; and (b) for later years of income—exceeds $21,600 but does not exceed
$63,000 |
30% |
|
3 |
(a) for the 2004-05 year of income—exceeds $58,000 but does not
exceed $70,000; and (b) for later years of income—exceeds $63,000 but does not exceed
$80,000 |
42% |
|
4 |
(a) for the 2004-05 year of income—exceeds $70,000; and (b) for later years of income—exceeds $80,000 |
47% |
2 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 $21,600 |
29% |
|
2 |
(a) for the 2004-05 year of income—exceeds $21,600 but does not
exceed $58,000; and (b) for later years of income—exceeds $21,600 but does not exceed
$63,000 |
30% |
|
3 |
(a) for the 2004-05 year of income—exceeds $58,000 but does not
exceed $70,000; and (b) for later years of income—exceeds $63,000 but does not exceed
$80,000 |
42% |
|
4 |
(a) for the 2004-05 year of income—exceeds $70,000; and (b) for later years of income—exceeds $80,000 |
47% |
3 Application
The amendments made by this Schedule apply to assessments for the 2004-05
year of income and later years.