Summary
Amends the:
Income Tax Rates Act 1986
to increase the threshold for the 30 per cent marginal tax rate (from 1 July 2008) and phase-in a decrease to the 40 per cent marginal tax rate commencing 1 July 2009;
Income Tax Assessment Act 1936
to increase the maximum amount of low income tax offset; and
Medicare Levy Act 1986
to increase the income threshold that applies to taxpayers who are eligible for the senior Australians tax offset.