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On 16 June 2008, the Senate passed Tax Laws Amendment (Personal Income Tax Reduction) Bill 2008 without amendment. The Bill was introduced into Parliament on 14 February 2008: see 2008 TAXVINE No 5 (16) (15 February 2008). Amongst other things, the Bill amends the Income Tax Rates Act 1986 to increase the threshold at which the 30% marginal tax rate begins to apply and to decrease the 40% marginal tax rate to 38% (from 1 July 2009) and to 37% (from 1 July 2010).

The Bill now awaits Royal Assent.

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