BILLS › Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018
The PRESIDENT (19:05): The question is that amendments (1) to (7) on sheet 8431 be agreed to. Opposition 's circulated amendments— (1) Schedule 1, item 1, page 3 (lines 24 and 25), omit "2018‑19, 2019‑20, 2020‑21 or 2021‑22 income year", substitute "2018‑19 income year or a later income year". [Low and Middle Income tax offset] (2) Schedule 1, item 1, page 4 (lines 5 and 6), omit "2018‑19, 2019‑20, 2020‑21 or 2021‑22 income year", substitute "2018‑19 income year or a later income year". [Low and Middle Income tax offset] (3) Schedule 1, item 1, page 4 (lines 17 and 18), omit the note. [consequential—Low and Middle Income tax offset] (4) Schedule 1, item 1, page 4 (line 20) to page 5 (line 2), omit subsection 61‑107(1), substitute: General rule—2018 ‑2019 income year (1) The amount of your *tax offset for the 2018‑19 income year is set out in the following table in respect of the following income (your relevant income): (a) if you are an individual—your taxable income for the income year; (b) if you are a trustee—the amount of the share of *net income referred to in subsection 61‑105(2). Amount of your tax offset—2018‑19 income year Item If your relevant income: The amount of your tax offset is: 1 does not exceed $37,000 $200 2 exceeds $37,000 but is not more than $48,000 $200, plus an amount equal to 3% of the excess 3 exceeds $48,000 but is not more than $90,000 $530 4 exceeds $90,000 but is not more than $125,333 $530, less an amount equal to 1.5% of the excess [Low and Middle Income tax offset] (5) Schedule 1, item 1, page 5 (after line 2), after subsection 61‑107(1), insert: General rule—2019 ‑20 income year and later income years (1A) The amount of your *tax offset for the 2019‑20 income year or a later income year is set out in the following table in respect of the following income (your relevant income): (a) if you are an individual—your taxable income for the income year; (b) if you are a trustee—the amount of the share of *net income referred to in subsection 61‑105(2). Amount of your tax offset—2019‑20 income year and later income years Item If your relevant income: The amount of your tax offset is: 1 does not exceed $37,000 $350 2 exceeds $37,000 but is not more than $48,000 $350, plus an amount equal to 5.25% of the excess 3 exceeds $48,000 but is not more than $90,000 $928 4 exceeds $90,000 but is not more than $125,333 $928, less an amount equal to 2.625% of the excess [Low and Middle Income tax offset] (6) Schedule 1, item 1, page 5 (line 4), omit "subsection (1)", substitute "subsections (1) and (1A)". [consequential—Low and Middle Income tax offset] (7) Schedule 1, item 1, page 5 (line 23), omit "subsection (1)", substitute "subsections (1) and (1A)". [consequential—Low and Middle Income tax offset]