- Date
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13 Sep 2011
- Chamber
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House of Representatives
- Status
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Act
-
Portfolio
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Treasury
- Summary
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Part of a package of 18 bills to implement a carbon pricing mechanism, the bill amends the:
Income Tax Assessment Act 1936
to: transfer $1050 from the low income tax offset (LITO) into income tax rates from 1 July 2012; and transfer a further $145 from the LITO into income tax rates from 1 July 2015; A New Tax System (Medicare Levy Surcharge--Fringe Benefits) Act 1999
and Medicare Levy Act 1986
to increase the Medicare levy low income thresholds and phase in limits; and Income Tax Assessment Act 1936
, Income Tax Assessment Act 1997
and Medicare Levy Act 1986
to combine the pensioner tax offset with the senior Australians tax offset.