Tax Laws Amendment (Personal Income Tax Reduction) Act 2007 (Cth)

Tax Laws Amendment (Personal Income Tax Reduction) Act 2007

No. 76, 2007

An Act to amend the law relating to taxation, and for related purposes

Contents

Tax Laws Amendment (Personal Income Tax Reduction) Act 2007

No. 76, 2007

An Act to amend the law relating to taxation, and for related purposes

[Assented to 21 June 2007]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Tax Laws Amendment (Personal Income Tax Reduction) Act 2007.

2Commencement

This Act commences on the day on which it receives the Royal Assent.

3Schedule(s)

Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1AmendmentsPart 1Amendments having effect from the 2007‑08 year of income

Income Tax Assessment Act 1936

1

Subsection 159N(1)

Omit “$40,000”, substitute “$48,750”.

2

Subsection 159N(2)

Omit “$600”, substitute “$750”.

3

Subsection 159N(2)

Omit “$25,000”, substitute “$30,000”.

Income Tax Rates Act 1986

1. 4

   Clause 1 of Part I of Schedule 7 (table items 1 and 2)

   Omit “$25,000”, substitute “$30,000”.

2. 5

   Clause 1 of Part II of Schedule 7 (table items 1 and 2)

   Omit “$25,000”, substitute “$30,000”.

3. 6

   Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8

   Omit “$25,000” (wherever occurring), substitute “$30,000”.

7

Paragraph 2(b) of Part I of Schedule 10

Omit “$25,000” (wherever occurring), substitute “$30,000”.

Medicare Levy Act 1986

1. 8

   Subsection 3(1) (paragraph (a) of the definition of phase‑in limit)

   Omit “$29,255”, substitute “$30,431”.

2. 9

   Subsection 3(1) (paragraph (a) of the definition of threshold amount)

   Omit “$24,867”, substitute “$25,867”.

10

Subsection 8(7)

Omit “$33,500”, substitute “$37,950”.

11

Application

The amendments made by this Part apply to assessments for the 2007‑08 year of income and later years of income.

Part 2Amendments having effect from the 2008‑09 year of income

Income Tax Rates Act 1986

1. 12

   Clause 1 of Part I of Schedule 7 (table items 2 and 3)

   Omit “$75,000”, substitute “$80,000”.

2. 13

   Clause 1 of Part I of Schedule 7 (table items 3 and 4)

   Omit “$150,000”, substitute “$180,000”.

3. 14

   Clause 1 of Part II of Schedule 7 (table items 2 and 3)

   Omit “$75,000”, substitute “$80,000”.

4. 15

   Clause 1 of Part II of Schedule 7 (table items 3 and 4)

   Omit “$150,000”, substitute “$180,000”.

16

Application

The amendments made by this Part apply to assessments for the 2008‑09 year of income and later years of income.

[Minister’s second reading speech made in—

House of Representatives on 10 May 2007

Senate on 12 June 2007]

(78/07)