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07 Dec 11 Carbon Tax Bills receive Royal Assent

On 18 November 2011, the following Bills, comprising part of the Government's "Clean Energy Legislative Package", received Royal Assent:

  • Clean Energy Bill 2011 as Act No 131 of 2011
  • Clean Energy (Consequential Amendments) Bill 2011 as Act No 132 of 2011

The Clean Energy (Consequential Amendments) Bill 2011 amends 5 taxation laws to establish the income tax and GST treatment of emission units; and amends ITAA1997 to provide for a conservation tillage refundable tax offset.

On 4 December 2011, the following Bills, also comprising part of the Government's "Clean Energy Legislative Package" received Royal Assent:

  • Clean Energy (Income Tax Rates Amendments) Bill 2011 as Act No 150 of 2011
  • Clean Energy (Tax Laws Amendments) Bill 2011 as Act No 159 of 2011

Clean Energy (Income Tax Rates Amendments) Bill 2011 amends the Income Tax Rates Act 1986 to raise the tax-free threshold and adjust marginal tax rates from 1 July 2012 and again from 1 July 2015.

Clean Energy (Tax Laws Amendments) Bill 2011 amends:

  • ITAA 1936 to transfer $1,050 from the low income tax offset (LITO) into income tax rates from 1 July 2012; and transfer a further $145 from the LITO into income tax rates from 1 July 2015;
  • A New Tax System (Medicare Levy Surcharge - Fringe Benefits) Act 1999 and Medicare Levy Act 1986 to increase the Medicare Levy low income thresholds and phase in limits; and
  • ITAA 1936, ITAA 1997 and Medicare Levy Act 1986 to combine the pensioner tax offset with the senior Australians tax offset.

 


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