Personal income tax cuts – Bill to implement the 2018 Budget announcement to abolish the 37% rate and extend the 32.5% rate out to $200k – becomes law on 21 June 2018
The Government introduced Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018 on 10 May 2018, one day after the 2018/19 Federal Budget. This is to give effect to the income tax changes for individuals, announced in the Budget. On 21 June 2018, it passed, all stages, and received Royal Assent as Act No. 47. Earlier, on 10…