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Amendment paper Bill enacted Released 02 December 2020 | Andrew Bayly

Taxation (Income Tax Rate and Other Amendments) Bill - Amendment paper No 001

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Amendment paper Bill enacted Released 02 December 2020 | Andrew Bayly

Taxation (Income Tax Rate and Other Amendments) Bill - Amendment paper No 001

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No 1

House of Representatives

Supplementary Order Paper

Wednesday, 2 December 2020

Taxation (Income Tax Rate and Other Amendments) Bill

Proposed amendment

Andrew Bayly, in Committee, to move the following amendment:

Clause 16

In clause 16, new table 1, replace rows 1 and 2 (page 5) with

1 $0 – $17,000 0.105
2 $17,001 – $48,000 0.175

Explanatory note

This Supplementary Order Paper amends the Taxation (Income Tax Rate and Other Amendments) Bill to increase the lowest threshold from $14,000 to $17,000.

The purpose of this amendment is to benefit lower-income earners by the approximate value of extra revenue the Government expects the new tax threshold to bring in.

This costs $560 million (slightly higher than the $550 million expected) and benefits all earners over $17,000 by $210 p.a.
Amendment paper Bill enacted Released 02 December 2020

Taxation (Income Tax Rate and Other Amendments) Bill - Amendment paper No 001

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