16 Jul 14 Labor 2013-14 Budget Savings (Measures No 1) Bill 2014 introduced into House
On 16 July 2014, Labor 2013-14 Budget Savings (Measures No 1) Bill 2014 was introduced into the House of Representatives.
According to the Explanatory Memorandum, the Bill 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. The income tax cuts were intended to compensate for an increase in the carbon price.
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 introduction of the Bill follows the defeat, last week, in the Senate of the Clean Energy (Income Tax Rates and Other Amendments) Bill 2013 [No 2], which sought to make the same amendments - see 2014 TAXVINE No 24 (11 July 2014).
In a joint media release dated 16 July 2014, the Treasurer, Joe Hockey, and the Acting Assistant Treasurer, Senator Cormann, said that the cost to the Budget if this Bill does not pass is now $2.2 billion over the forward estimates to 2017-18.