Treasury Laws Amendment (Income Tax Relief) Bill 2016 – increasing the threshold for the 32.5% rate to $87,000 – Senate Committee recommends that it be passed and it is ultimately enacted

The Treasury Laws Amendment (Income Tax Relief) Bill 2016 proposes to amend the Income Tax Rates Act 1986 to increase the third personal income tax threshold so that the rate of tax payable on taxable incomes from $80,001 to $87,000 for individuals is 32.5%.

On 10.10.16, the Bill passed the House of Reps without amendment and has moved to the Senate. And, on the same date, the Senate Economics Legislation Committee tabled its report in the Senate recommending that the Bill be passed.

The Bill passed the Senate on 12.10.16 and received Royal Assent on 20.10.16 as Act No. 68 of 2016.

[APH – Digest, Bill & EM] [APH – Committee Report] [LTN 196, 11/10/16] [LTN 197, 12/10/16]