Explanatory Memorandum
(Circulated by the authority of the Treasurerthe Hon John Dawkins, M.P.)GENERAL OUTLINE AND FINANCIAL IMPACT
Personal Tax Cuts
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- Amends the Income Tax Rates Act 1986 to declare the rates of tax payable by both residents and non residents for the 1993-94 and subsequent income years.
Date of effect: When Royal Assent has been received for the accompanying package of Sales Tax (Deficit Reduction) Bills and Taxation (Deficit Reduction) Bill (No.1) 1993.
Proposal announced: 17 August 1993 (1993-94 Budget), and 30 August 1993
Financial Cost:
| 93-94 | 94-95 | 95-96 | 96-97 |
| $1,5550m | $2,900m | $3,120m | $3,450m |
Rebate for low-income taxpayers
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- Provides for a rebate of up to $150 to low-income taxpayers whose taxable income is less than $24,450.
Date of effect: Assessments for 1993-94 and subsequent years of income
Proposal announced: 17 August (1993-94 Budget), and 30 August 1993
Financial Cost
| 93-94 | 94-95 | 95-96 | 96-97 |
| - | $530m | $515m | $500m |
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