Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003
No. 45, 2003
An Act to amend taxation laws to reduce personal income tax, to increase the rebate for certain low‑income taxpayers, and for related purposes
Contents
1 Short title...................................
2 Commencement...............................
3 Schedule(s)..................................
4 Application..................................
Schedule 1—Amendments
Income Tax Assessment Act 1936
Income Tax Rates Act 1986
Medicare Levy Act 1986
Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003
No. 45, 2003
An Act to amend taxation laws to reduce personal income tax, to increase the rebate for certain low‑income taxpayers, and for related purposes
[Assented to 24 June 2003]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
4 Application
The amendments made by Schedule 1 apply to assessments for the 2003‑2004 income year and later income years.
Schedule 1—Amendments
Income Tax Assessment Act 1936
1 Subsection 159N(1)
Omit “$24,450”, substitute “$27,475”.
2 Subsection 159N(2)
Omit “$150”, substitute “$235”.
3 Subsection 159N(2)
Omit “$20,700”, substitute “$21,600”.
Income Tax Rates Act 1986
4 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 | exceeds $21,600 but does not exceed $52,000 | 30% |
3 | exceeds $52,000 but does not exceed $62,500 | 42% |
4 | exceeds $62,500 | 47% |
5 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 | exceeds $21,600 but does not exceed $52,000 | 30% |
3 | exceeds $52,000 but does not exceed $62,500 | 42% |
4 | exceeds $62,500 | 47% |
6 Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8
Omit “$20,000” (wherever occurring), substitute “$21,600”.
7 Paragraph 2(b) of Part I of Schedule 10
Omit “$20,000” (wherever occurring), substitute “$21,600”.
Medicare Levy Act 1986
8 Subsection 3(1) (paragraph (a) of the definition of phase‑in limit)
Omit “$21,621”, substitute “$22,162”.
9 Subsection 3(1) (paragraph (a) of the definition of threshold amount)
Omit “$20,000”, substitute “$20,500”.
[Minister’s second reading speech made in—
House of Representatives on 29 May 2003
Senate on 16 June 2003]
(73/03)