Federal Register of Legislation
Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003
No. 45, 2003
An Act to amend taxation laws to reduce personal income tax, to increase the rebate for certain low‑income taxpayers, and for related purposes
Contents 1 Short title................................... 2 Commencement............................... 3 Schedule(s).................................. 4 Application..................................
Schedule 1—Amendments Income Tax Assessment Act 1936 Income Tax Rates Act 1986 Medicare Levy Act 1986
Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003
No. 45, 2003
An Act to amend taxation laws to reduce personal income tax, to increase the rebate for certain low‑income taxpayers, and for related purposes
[Assented to 24 June 2003]
The Parliament of Australia enacts:
1 Short title
This Act may be cited as the Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003.
2 Commencement
This Act commences on the day on which it receives the Royal Assent.
3 Schedule(s)
Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
4 Application
The amendments made by Schedule 1 apply to assessments for the 2003‑2004 income year and later income years.
Schedule 1—Amendments
Income Tax Assessment Act 1936
1 Subsection 159N(1) Omit "$24,450", substitute "$27,475".
2 Subsection 159N(2) Omit "$150", substitute "$235".
3 Subsection 159N(2) Omit "$20,700", substitute "$21,600".
Income Tax Rates Act 1986
4 Clause 1 of Part I of Schedule 7 (table) Repeal the table, substitute:
Tax rates for resident taxpayers Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds $6,000 but does not exceed $21,600 17% 2 exceeds $21,600 but does not exceed $52,000 30% 3 exceeds $52,000 but does not exceed $62,500 42% 4 exceeds $62,500 47%
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