Summary
Amends the:
Income Tax Rates Act 1986
to increase the threshold for the 30 per cent marginal tax rate (from 1 July 2007) and increase the thresholds for the top two marginal tax rates (from 1 July 2008);
Income Tax Assessment Act 1936
to increase the maximum amount of low income tax offset and raise the threshold at which the offset begins to phase out; and
Medicare Levy Act 1986
to increase the income threshold that applies to taxpayers who are eligible for a senior Australians tax offset.