Division Description Changes — Bills — Treasury Laws Amendment (Tax Relief So Working Australians Keep More of Their Money) Bill 2019; Second Reading — 4th Jul 2019

Change	Division
senate vote 2019-07-04#12 Edited by mackay staff on 2019-07-12 11:38:03	Title Bills — Treasury Laws Amendment (Tax Relief So Working Australians Keep More of Their Money) Bill 2019; Second Reading Treasury Laws Amendment (Tax Relief So Working Australians Keep More of Their Money) Bill 2019 - Second Reading - Agree with the bill's main idea Description ~~<p class="speaker">Scott Ryan</p>~~ ~~<p>The question now is that the bill be read a second time.</p>~~ The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?gid=2019-07-04.199.1) to agree with the main idea of the bill. In parliamentary jargon, they voted to read the bill [for a second time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). This means that the Senate can now discuss the bill in more detail. ### What is the bill's main idea? The [bill](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r6345) was introduced to introduce further reductions in personal income tax rates, which were announced in the 2019–20 Budget. Specifically, it: * increases the base and maximum amounts of the low and middle income tax offset to $255 and $1080, respectively, for the 2018-19, 2019-20, 2020-21 and 2021-22 financial years; * increases the maximum amount of the low income tax offset from $645 to $700 from the 2022-23 financial year; and * reduces the tax payable by individuals from the 2022-23 financial year by increasing the top threshold of the 19 per cent income tax bracket from $41 000 to $45 000, and from the 2024-25 financial year by reducing the 32.5 per cent income tax rate to 30 per cent. Read more in the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1920a/20bd001).

~~<p class="speaker">Scott Ryan</p>~~
~~<p>The question now is that the bill be read a second time.</p>~~
The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?gid=2019-07-04.199.1) to agree with the main idea of the bill. In parliamentary jargon, they voted to read the bill [for a second time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). This means that the Senate can now discuss the bill in more detail.
### What is the bill's main idea?
The [bill](https://parlinfo.aph.gov.au/parlInfo/search/display/display.w3p;query=Id:legislation/billhome/r6345) was introduced to introduce further reductions in personal income tax rates, which were announced in the 2019–20 Budget. Specifically, it:
* increases the base and maximum amounts of the low and middle income tax offset to $255 and $1080, respectively, for the 2018-19, 2019-20, 2020-21 and 2021-22 financial years;
* increases the maximum amount of the low income tax offset from $645 to $700 from the 2022-23 financial year; and
* reduces the tax payable by individuals from the 2022-23 financial year by increasing the top threshold of the 19 per cent income tax bracket from $41 000 to $45 000, and from the 2024-25 financial year by reducing the 32.5 per cent income tax rate to 30 per cent.
Read more in the [bills digest](https://www.aph.gov.au/Parliamentary_Business/Bills_Legislation/bd/bd1920a/20bd001).