Bill
Treasury Laws Amendment (Income Tax Relief) Bill 2016
passed, as at 2016-10-20. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2016-09-01
- second reading — 2016-09-01
- second reading — 2016-09-15
- other — 2016-09-15
- other — 2016-10-10
- second reading — 2016-10-10
- third reading — 2016-10-10
- introduced — 2016-10-10
- second reading — 2016-10-10
- second reading — 2016-10-11
- second reading — 2016-10-11
- committee — 2016-10-11
- committee — 2016-10-12
- third reading — 2016-10-12
- passed — 2016-10-12
- royal assent — 2016-10-20
Divisions
- Katy Gallagher I rise to speak in support of this bill. This bill amends the thresholds so that the rate of tax payable on taxable incomes from $80,001 to $87,000 for individuals is 32.5 per cent. The government announced this measure in the 2016-17 budget and Labor supported it. It means that individuals with taxable incomes from $80,001 and up to $87,000 will now be subject to the lower rate of tax of 32.5 per cent rather than the rate of tax of 37 per cent which currently applies to taxable income over $80,000. It will provide a maximum tax cut of $315 per annum on incomes of $87,000 and above. With this bill, Labor is pleased to be supporting modest, sustainable tax relief for up to 3.1 million Australians and their families. However, despite bipartisan agreement, the Turnbull government has still managed to make a mess of its implementation. As David Crowe reported in _The Australian_ on 2 September, millions of workers will have to wait until the middle of next year to receive all of the benefits. This is despite the government's assurances in May that workers would receive the gains far earlier. Mr Crowe reported that: Workers will not see the lower rates applied to their salaries for at least another month, which means they will not collect the cut due to them for the first quarter of the financial year until they lodge their tax returns after July 2017. Yet, on budget night, Mr Morrison proudly boasted he would deliver income tax cuts from 1 July this year. He said: From 1 July this year, we will increase the upper limit for the middle income tax bracket from $80,000 to $87,000 per year. Yet the government did not introduce legislation to ensure that the tax cuts would start from 1 July this year before the election. When asked on ABC Radio how the how the tax cuts would be introduced by 1 July, given that the government was unlikely to be able to legislate them before prior to the election, the Prime Minister said that: That is really up to the Labor Party — 2016-10-11, Senate: negative, ayes 10, noes 43
- Treasury Laws Amendment (Income Tax Relief) Bill 2016 - Second Reading - Agree with the main idea of the bill — 2016-10-11, Senate: affirmative, ayes 48, noes 10
Plain-language summary
No machine-written summary in this export.
Sources
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