Bill
Labor 2013-14 Budget Savings (Measures No. 2) Bill 2015
passed, as at 2015-12-11. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
Divisions
- The majority agreed with the main idea of the bill. In parliamentary jargon, they agreed to give the bill a [second reading](http://www.peo.gov.au/learning/fact-sheets/making-a-law.html). This means that the House can now discuss the bill in more detail. ### Bill's main idea The main idea of the bill is to undo some of the measures that haven't yet begun but were introduced under the previous Labor Government's 2013-14 Budget. That is, it repeals all the parts of the [Clean Energy (Income Tax Rates Amendments) Act 2011](https://www.comlaw.gov.au/Details/C2011A00150) and the [Clean Energy (Tax Laws Amendments) Act 2011](https://www.comlaw.gov.au/Details/C2011A00159) that were meant to begin at a future date. The bill doesn't repeal any parts of those two Acts that are already in operation. ### What exactly does the bill do? According to the [bills digest](http://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1415a/15bd026), the bill will: * "*repeal an increase in the nominal tax-free threshold from $18,200 in 2014–15 to $19,400 in 2015–16* * *maintain the second personal marginal tax rate at 32.5 per cent rather than increase it to 33 per cent from 2015–16* * *maintain the maximum value of the low income tax offset (**LITO**) at $445 rather than change the maximum value of the LITO to $300 from 2015–16 and* * *maintain the threshold below which a person may receive LITO at a taxable income of $66,667 and the withdrawal rate at 1.5 per cent, rather than the income threshold increasing to $67,000 and the withdrawal rate falling to 1 per cent from 2015–16.*" — 2015-12-01, House of Representatives: affirmative, ayes 77, noes 51
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Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2015-11-26.
The bill would replace a grant for students with a loan that must be repaid.
It would let students choose to take out loans worth the same as the current grant, repaid through the tax system like other study debts.
Repayment of the new loan would only start after the student's existing Higher Education Loan Programme debt is cleared.
- Replaces the student start-up scholarship with a voluntary income-contingent loan.
- Sets a maximum of two loans per year, each equal in value to the current scholarship amount.
- Defers repayment of the new loan until the student's Higher Education Loan Programme debt is fully repaid.
Students who currently receive the student start-up scholarship.
Sources
em
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em supp
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em revised
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billhome
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frl act
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