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31 May 12 Income Tax Rates Bill passed by House

On 31 May 2012, Tax Laws Amendment (Income Tax Rates) Bill 2012 was passed by the House of Representatives with 7 Government amendments.

The Bill is part of a package of three bills in relation to the Seasonal Labour Mobility Program and other taxation matters.

The Bill amends the Income Tax Rates Act 1986 to merge the first two personal marginal tax rate thresholds for non-resident workers into a single threshold and align the rate for this new threshold with the second marginal tax rate for resident workers.

The following explanation of the amendments is extracted from the Supplementary Explanatory Memorandum:

  • Amendments 3 to 5 make consequential amendments to the $732 threshold for non-resident minors. The threshold will be reduced from $732 to $663 as a result of the changes to the tax rates legislated to take effect from the 2012-13 year of income.
  • Amendment 7 further reduces the threshold amount from $663 to $653 as a result of the changes to the tax rates legislated to take effect from 1 July 2015.
  • Amendment 1 sets out the commencement of the amendments.
  • Amendments 2 and 6 are consequential amendments to the Bill.

The Bill now proceeds to the Senate.

 


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