Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018

Summary

Amends the: Income Tax Assessment Act 1997, Income Tax Assessment Act 1936 and Taxation Administration Act 1953 to: introduce a low and middle income tax offset to reduce the tax payable by low and middle income earners that are Australian residents in the 2018-19, 2019-20, 2020-21 and 2021-22 financial years; and merge the low and middle income offset and the current low income tax offset into a new low income tax offset from the 2022-23 financial year; Income Tax Rates Act 1986 to progressively increase the income tax rate thresholds in the 2018-19, 2022-23 and 2024-25 financial years; and Income Tax Assessment (1936 Act) Regulation 2015 and five Acts to make consequential amendments.

Progress

House of Representatives
Introduced and read a first time	09 May 2018
Second reading moved	09 May 2018
Second reading debate	22 May 2018
Second reading debate	23 May 2018
Second reading agreed to	23 May 2018
Consideration in detail debate	23 May 2018
Third reading agreed to	23 May 2018

Senate
Introduced and read a first time	18 Jun 2018
Second reading moved	18 Jun 2018
Second reading debate	19 Jun 2018
Second reading debate	20 Jun 2018
Second reading agreed to	20 Jun 2018
Committee of the Whole debate Amendment details: 3 Opposition agreed to	20 Jun 2018
Third reading agreed to	20 Jun 2018

House of Representatives
Consideration of Senate message Details: House disagreed to Senate amendments	21 Jun 2018

Senate
Consideration of House of Reps message Details: Senate did not insist on its amendments	21 Jun 2018


Finally passed both Houses	21 Jun 2018
Assent Act no: 47 Year: 2018	21 Jun 2018

Documents and transcripts

Text of bill

First reading

As passed by both Houses

Explanatory memoranda

Explanatory memorandum

Transcript of speeches

Proposed amendments

House of representatives

Non-Government
BOWEN, Chris, MP

Senate

Centre Alliance [sheet 8463]
PATRICK, Sen Rex

Independent [sheet 8441]
STORER, Sen Tim

Opposition [sheet 8450]
WONG, Sen Penny

Opposition [sheet 8449]
WONG, Sen Penny

Opposition [sheet 8431]
WONG, Sen Penny

Schedules of amendments

Schedule of the amendments made by the Senate to which the House of Representatives has disagreed

Schedule of the amendments made by the Senate

Bills digest

Bills Digest

Notes

Referred to Committee (10/05/2018): Senate Economics Legislation Committee; Committee report (18/06/2018)
An electronic version of this Act is available on the Federal Register of Legislation (www.legislation.gov.au)

Helpful information

Text of bill

First reading: Text of the bill as introduced into the Parliament
Third reading: Prepared if the bill is amended by the house in which it was introduced. This version of the bill is then considered by the second house.
As passed by both houses: Final text of bill agreed to by both the House of Representatives and the Senate which is presented to the Governor-General for assent.

Explanatory memoranda

Explanatory memorandum: Accompanies and provides an explanation of the content of the introduced version (first reading) of the bill.
Supplementary explanatory memorandum: Accompanies and explains amendments proposed by the government to the bill.
Revised explanatory memorandum: Accompanies and explains the amended version (third reading) of the bill. It supersedes the explanatory memorandum.

Proposed amendments

Circulated by members and senators when they propose to make changes to the bill. For details about the outcome of proposed amendments please refer to either the Votes and Proceedings (House of Representatives) or the Journals (Senate).

Schedules of amendments

Schedules of amendments list amendments agreed to by the second house are communicated to the first house for consideration. Subsequent action by either house may also be included in a schedule.