Taxation Laws Amendment (Personal Income Tax Reduction) Act 2003
(45 of 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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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% |
5 Clause 1 of Part II of Schedule 7 (table)
Repeal the table, substitute:
|
Tax rates for non-resident taxpayers |
||
|
Item |
For the part of the ordinary taxable income of the taxpayer that: |
The rate is: |
|
1 |
does not exceed $21,600 |
29% |
|
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% |
6 Subparagraph 2(b)(ii) of Division 2 of Part I of Schedule 8
Omit “$20,000” (wherever occurring), substitute “$21,600”.
7 Paragraph 2(b) of Part I of Schedule 10
Omit “$20,000” (wherever occurring), substitute “$21,600”.
Medicare Levy Act 1986
8 Subsection 3(1) (paragraph (a) of the definition of phase-in limit )
Omit “$21,621”, substitute “$22,162”.
9 Subsection 3(1) (paragraph (a) of the definition of threshold amount )
Omit “$20,000”, substitute “$20,500”.