Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 140
Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 140
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Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 140
No 140
House of Representatives
Supplementary Order Paper
Tuesday, 15 March 2022
Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill
Proposed amendments
David Seymour, in Committee, to move the following amendments:
Clause 2
In clause 2(28), before “135(7),”
(page 15, line 24), insert “131A,”
New clause 131A
After clause 131 (page 135, after line 3), insert:
131A Schedule 1 amended (Basic tax rates: income tax, ESCT, RSCT, RWT, and attributed fringe benefits)
In Part A of Schedule 1, replace Table 1 in clause 1 with:
| Table 1 |
| Row | Range of dollar in taxable income | Tax rate |
|---|---|---|
| 1 | $0 – $14,000 | 0.105 |
| 2 | $14,001 – $70,000 | 0.175 |
| 3 | $70,001 upwards | 0.330 |
|
How to use this table: Find the range in the second column for each dollar in the person’s taxable income, and apply the relevant rate for the dollar in the third column. |
Explanatory note
This Supplementary Order Paper amends the Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill. The effect of the amendment would be to adjust the income tax brackets and rates set out in Schedule 1 of the Income Tax Act 2007 as follows:
for the first bracket, for income to $14,000, the rate would remain unchanged at 10.5%:
two existing brackets would be combined, with the effect that, for income from $14,001 to $70,000, a rate of 17.5% would apply:
the two remaining brackets would be combined into a single bracket for all income from $70,001. A rate of 33% would apply to that bracket.
The adjusted rates would take effect from 1 April 2022.
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Taxation (Annual Rates for 2021-22, GST, and Remedial Matters) Bill - Amendment paper No 140
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