Bill
Lower Tax Bill 2018
lapsed, as at 2019-07-01.
- Sponsor
- LEYONHJELM, Sen David
- Portfolio
- Not recorded
Recorded stages
- introduced — 2018-11-29
- second reading — 2018-11-29
- other — 2019-07-01
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2018-11-29.
The Lower Tax Bill 2018 would cut annual Commonwealth Government taxation by almost half.
It would abolish several taxes including import duties, tobacco duties, alcohol duties, fuel duties, and luxury car tax, and reduce personal income tax, fringe benefits tax, and corporate income tax.
Personal income tax would have a $40,000 tax-free threshold and a flat 20% rate, while the Medicare levy would be repealed but the surcharge for high-income earners without private health insurance would remain.
- The bill would nearly halve annual Commonwealth Government taxation.
- It would abolish multiple taxes and reduce the rates of others.
- It would introduce a $40,000 tax-free threshold and a 20% personal income tax rate.
All taxpayers, businesses, and individuals subject to the abolished or reduced taxes.
Sources
em
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