Commonwealth Consolidated Acts Commonwealth Consolidated ActsPart 1 -- Personal income tax reform: main amendments
1 Clause 1 of Part I of Schedule 7 (table dealing with tax rates for resident taxpayers for the 2018 - 19, 2019 - 20, 2020 - 21 or 2021 - 22 year of income)
Repeal the table (including the note).
2 Repealed law continues for relevant years of income
Despite the repeal by item 1 of the table mentioned in that item, that table continues to apply, in relation to assessments for the 2018 - 19 or 2019 - 20 year of income, as if that repeal had not happened.
3 Clause 1 of Part I of Schedule 7 (heading to table dealing with tax rates for resident taxpayers for the 2022 - 23 or 2023 - 24 year of income)
Omit " Tax rates for resident taxpayers for the 2022 - 23 or 2023 - 24 year of income ", substitute " Tax rates for resident taxpayers for the 2020 - 21, 2021 - 22, 2022 - 23 or 2023 - 24 year of income ".
4 Clause 1 of Part I of Schedule 7 (table dealing with tax rates for resident taxpayers for the 2022 - 23 or 2023 - 24 year of income) (note)
Repeal the note, substitute:
Note: The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (A Tax Plan for the COVID - 19 Economic Recovery) Act 2020 .
5 Clause 1 of Part I I of Schedule 7 (table dealing with tax rates for non - resident taxpayers for the 2018 - 19, 2019 - 20, 2020 - 21 or 2021 - 22 year of income)
Repeal the table (including the note).
6 Repealed law continues for relevant years of income
Despite the repeal by item 5 of the table mentioned in that item, that table continues to apply, in relation to assessments for the 2018 - 19 or 2019 - 20 year of income, as if that repeal had not happened.
7 Clause 1 of Part I I of Schedule 7 (heading to table dealing with tax rates for non - resident taxpayers for the 2022 - 23 or 2023 - 24 year of income)
Omit " Tax rates for non - resident taxpayers for the 2022 - 23 or 2023 - 24 year of income ", substitute " Tax rates for non - resident taxpayers for the 2020 - 21, 2021 - 22, 2022 - 23 or 2023 - 24 year of income ".
8 Clause 1 of Part I I of Schedule 7 (table dealing with tax rates for non - resident taxpayers for the 2022 - 23 or 2023 - 24 year of income) (note)
Repeal the note, substitute:
Note: The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (A Tax Plan for the COVID - 19 Economic Recovery) Act 2020 .
9 Clause 1 of Part I II of Schedule 7 (table dealing with tax rates for working holiday makers for the 2018 - 19, 2019 - 20, 2020 - 21 or 2021 - 22 year of income)
Repeal the table (including the note).
10 Repealed law continues for relevant years of income
Despite the repeal by item 9 of the table mentioned in that item, that table continues to apply, in relation to assessments for the 2018 - 19 or 2019 - 20 year of income, as if that repeal had not happened.
11 Clause 1 of Part I II of Schedule 7 (heading to table dealing with tax rates for working holiday makers for the 2022 - 23 or 2023 - 24 year of income)
Omit " Tax rates for working holiday makers for the 2022 - 23 or 2023 - 24 year of income ", substitute " Tax rates for working holiday makers for the 2020 - 21, 2021 - 22, 2022 - 23 or 2023 - 24 year of income ".
12 Clause 1 of Part I II of Schedule 7 (table dealing with tax rates for working holiday makers for the 2022 - 23 or 2023 - 24 year of income) (note)
Repeal the note, substitute:
Note: The above table will be repealed on 1 July 2024 by the Treasury Laws Amendment (A Tax Plan for the COVID - 19 Economic Recovery) Act 2020 .
Part 2 -- Personal income tax reform: r epeals on 1 July 2024
13 Clause 1 of Part I of Schedule 7 (table dealing with tax rates for resident taxpayers for the 2020 - 21, 2021 - 22, 2022 - 23 or 2023 - 24 year of income)
Repeal the table (including the note).
14 Clause 1 of Part I I of Schedule 7 (table dealing with tax rates for non - resident taxpayers for the 2020 - 21, 2021 - 22, 2022 - 23 or 2023 - 24 year of income)
Repeal the table (including the note).
15 Clause 1 of Part I II of Schedule 7 (table dealing with tax rates for working holiday makers for the 2020 - 21, 2021 - 22, 2022 - 23 or 2023 - 24 year of income)
Repeal the table (including the note).
16 Repealed law continues for relevant years of income
Despite the repeal of a table by this Part, that table continues to apply, in relation to assessments for a year of income mentioned in the table's heading, as if that repeal had not happened.
Part 3 -- Low Income tax offset
Income Tax Assessment Act 1936
17 Section 1 59N
Repeal the section.
Income Tax Assessment Act 1997
18 Section 1 3 - 1 (table item headed "low income earner")
Omit:
tax offset for 2021 - 22 income year and earlier income years |
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19 Subsections 6 1 - 110(1) and (2)
Omit "the 2022 - 23 income year or a later income year", substitute "the 2020 - 21 income year or a later income year".
20 Subsection 6 3 - 10(1) (table item 1 7)
Repeal the item.
21 Subsection 6 3 - 10(1) (notes 6 and 7)
Repeal the notes.
Taxation Administration Act 1953
22 Section 4 5 - 340 in Schedule 1 (method statement, step 1, paragraph ( f))
Repeal the paragraph.
23 Section 4 5 - 375 in Schedule 1 (method statement, step 1, paragraph ( e))
Repeal the paragraph.
24 Application of amendments
The amendments made by this Part apply in relation to assessments for the 2020 - 21 income year or a later income year.
Part 4 -- Low and Middle Income tax offset
Income Tax Assessment Act 1997
25 Subdivision 6 1 - D (heading)
Repeal the heading, substitute:
Subdivision 6 1 - D -- Low Income tax offset
26 Sections 6 1 - 105 and 61 - 107
Repeal the sections.
27 Application of amendments
The amendments made by this Part apply in relation to assessments for the 2022 - 23 income year or a later income year.
Part 5 -- Amendments to amending legislation
Treasury Laws Amendment (Personal Income Tax Plan) Act 2018
28 Subsection 2 (1) (table item 3 )
Repeal the item.
29 Subsection 2 (1) (table items 5 and 6)
Repeal the items.
30 Part 3 of Schedule 1
Repeal the Part.
31 Part 3 of Schedule 2
Repeal the Part.