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17 Jun 08 Personal Income Tax Reduction Bill 2008 passed by Senate

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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