Tax Laws Amendment (Personal Income Tax Reduction) Act 2005 (Cth)

Tax Laws Amendment (Personal Income Tax Reduction) Act 2005

No. 101, 2005

An Act to reduce personal income tax, and for other purposes

Contents 1 Short title 2 Commencement 3 Schedule(s) 4 Application

Schedule 1—Amendments Income Tax Rates Act 1986 Medicare Levy Act 1986

Tax Laws Amendment (Personal Income Tax Reduction) Act 2005

No. 101, 2005

An Act to reduce personal income tax, and for other purposes

[Assented to 12 August 2005]

The Parliament of Australia enacts:

1 Short title

This Act may be cited as the Tax Laws Amendment (Personal Income Tax Reduction) Act 2005.

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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 2005‑2006 year of income and later years of income.

Schedule 1—Amendments

Income Tax Rates Act 1986

1 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 15% 2 (a) for the 2005‑06 year of income—exceeds $21,600 but does not exceed $63,000; and 30% (b) for later years of income—exceeds $21,600 but does not exceed $70,000 3 (a) for the 2005‑06 year of income—exceeds $63,000 but does not exceed $95,000; and 42% (b) for later years of income—exceeds $70,000 but does not exceed $125,000 4 (a) for the 2005‑06 year of income—exceeds $95,000; and 47% (b) for later years of income—exceeds $125,000