Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024

No. 3, 2024

An Act to amend the Income Tax Rates Act 1986, and for related purposes

Contents

1 Short title 1

2 Commencement 2

3 Schedules 2

Schedule 1—Amendments 3

Income Tax Rates Act 1986 3

Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024

No. 3, 2024

An Act to amend the Income Tax Rates Act 1986, and for related purposes

[Assented to 5 March 2024]

The Parliament of Australia enacts:
1 Short title

This Act is the Treasury Laws Amendment (Cost of Living Tax Cuts) Act 2024.
2 Commencement 1

Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.
Commencement information Commencement information Commencement information
Column 1 Column 2 Column 3
Provisions Commencement Date/Details
1. The whole of this Act The first 1 January, 1 April, 1 July or 1 October to occur after the day this Act receives the Royal Assent. 1 April 2024

Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act.

 2

Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.
3 Schedules

Legislation that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.
Amendments

Income Tax Rates Act 1986

 1 Subsection 3(1)

Insert:

third resident personal tax rate means the rate mentioned in item 3 of the table in clause 1 of Part I of Schedule 7 that is applicable to the year of income.

 2 Clause 1 of Part I of Schedule 7 (table dealing with tax rates for resident taxpayers for the 2024-25 year of income or a later year of income)

Repeal the table, substitute:

 3 Clause 1 of Part II of Schedule 7 (table dealing with tax rates for non-resident taxpayers for the 2024-25 year of income or a later year of income)

Repeal the table, substitute:

 4 Clause 1 of Part III of Schedule 7 (table dealing with tax rates for working holiday makers for the 2024-25 year of income or a later year of income)

Repeal the table, substitute:

[Minister’s second reading speech made in—

House of Representatives on 6 February 2024

Senate on 26 February 2024]

(10/24)