Commonwealth: Tax Laws Amendment (Personal Income Tax Reduction) Act 2004 (Cth)

Tax Laws Amendment (Personal Income Tax Reduction) Act 2004 No. 67, 2004 An Act to reduce personal income tax, and for related purposes Contents 1 Short title 2 Commencement 3 Schedule(s) Schedule 1—Personal income tax reduction Income Tax Rates Act 1986 Tax Laws Amendment (Personal Income Tax Reduction) Act 2004 No. 67, 2004 An Act to reduce personal income tax, and for related purposes [Assented to 22 June 2004] The Parliament of Australia enacts: 1 Short title This Act may be cited as the Tax Laws Amendment (Personal Income Tax Reduction) Act 2004. 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on which it receives the Royal Assent. 3 Schedule(s) Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms. Schedule 1—Personal income tax reduction 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 17% 2 (a) for the 2004‑05 year of income—exceeds $21,600 but does not exceed $58,000; and 30% (b) for later years of income—exceeds $21,600 but does not exceed $63,000 3 (a) for the 2004‑05 year of income—exceeds $58,000 but does not exceed $70,000; and 42% (b) for later years of income—exceeds $63,000 but does not exceed $80,000 4 (a) for the 2004‑05 year of income—exceeds $70,000; and 47% (b) for later years of income—exceeds $80,000 2 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 (a) for the 2004‑05 year of income—exceeds $21,600 but does not exceed $58,000; and 30% (b) for later years of income—exceeds $21,600 but does not exceed $63,000 3 (a) for the 2004‑05 year of income—exceeds $58,000 but does not exceed $70,000; and 42% (b) for later years of income—exceeds $63,000 but does not exceed $80,000 4 (a) for the 2004‑05 year of income—exceeds $70,000; and 47% (b) for later years of income—exceeds $80,000 3 Application The amendments made by this Schedule apply to assessments for the 2004‑05 year of income and later years. [Minister's second reading speech made in— House of Representatives on 13 May 2004 Senate on 15 June 2004] (75/04)