10 May 077 Personal Income Tax Reduction Bill 2007 introducedOn 10 May 2007, Tax Laws Amendment (Personal Income Tax Reduction) Bill 2007 was introduced into the House of Representatives. The Bill implements the changes to tax thresholds announced by the Treasurer in the 2007-08 Budget: see 2007 TAXVINE No 17 (9) (8 May 2007).
The amendment to the 30% marginal tax rate threshold applies for the 2007-08 income year, with the changes to the 40% and 45% marginal tax rate thresholds applying from the 2008-09 income year.
For a copy of the Bill, go here
For a copy of the Explanatory Memorandum, go here