Treasury Laws Amendment (Income Tax Relief) Act 2016

(68 of 2016)

An Act to amend the Income Tax Rates Act 1986, and for related purposes

[Assented to 20 October 2016]

The Parliament of Australia enacts:

1   Short title

This Act is the Treasury Laws Amendment (Income Tax Relief) Act 2016.

2   Commencement

 

(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

      

(2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.

3   Schedules

Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1   Amendments

Income Tax Rates Act 1986

1   Clause 1 of Part I of Schedule 7 (table item 2, column headed "For the part of the ordinary taxable income of the taxpayer that:")

Omit "$80,000", substitute "$87,000".

2   Clause 1 of Part I of Schedule 7 (table item 3, column headed "For the part of the ordinary taxable income of the taxpayer that:")

Omit "$80,000", substitute "$87,000".

3   Clause 1 of Part II of Schedule 7 (table item 1, column headed "For the part of the ordinary taxable income of the taxpayer that:")

Omit "$80,000", substitute "$87,000".

4   Clause 1 of Part II of Schedule 7 (table item 2, column headed "For the part of the ordinary taxable income of the taxpayer that:")

Omit "$80,000", substitute "$87,000".

5   Application

The amendments made by this Schedule apply to the 2016-17 year of income and later years of income.