24 May 12 Income Tax Rates Bill introduced
On 24 May 2012, Tax Laws Amendment (Income Tax Rates) Bill 2012 was introduced into the House of Representatives.
The following is extracted from the Explanatory Memorandum.
The Bill amends the Income Tax Rates Act 1986 to align more closely the personal income tax rates for non-residents for Australian tax purposes with the personal income tax rates for Australian resident taxpayers, by:
- merging the first two personal marginal tax rate thresholds for non-residents into a single threshold; and
- aligning the rate for this new threshold to the second marginal tax rate for residents (32.5% from 1 July 2012, increasing to 33% from 1 July 2015).
Date of effect: These changes will apply for the 2012-13 and later income years.