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On 23 June 2014 the government reintroduced into the House of Representatives a package of bills (together the Carbon Tax Repeal Bills) that will repeal the legislation imposing the carbon tax. The Bills are:

The Clean Energy (Income Tax Rates and Other Amendments) Bill 2013, in particular, amends the Clean Energy (Income Tax Rates Amendments) Act 2011 to repeal the personal income tax cuts that were legislated to commence on 1 July 2015. It also amends the Clean Energy (Tax Laws Amendments) Act 2011 to repeal associated amendments to the low-income tax offset that were legislated to commence on 1 July 2015.

The result will be that there will be no personal income tax cuts commencing on 1 July 2015, which entails:

  • the tax-free threshold remaining at $18,200
  • the second personal marginal tax rate remaining at 32.5%
  • the maximum value of the LITO (low-income tax offset) remaining at $445
  • the withdrawal rate of the LITO remaining at 1.5%, and
  • the threshold below which a person may receive LITO remaining at a taxable income of $66,667.
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