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

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senate vote 2019-07-04#16

Edited by mackay staff

on 2019-07-05 13:00:16

Title

  • Bills — Treasury Laws Amendment (Tax Relief So Working Australians Keep More of Their Money) Bill 2019; Third Reading
  • Treasury Laws Amendment (Tax Relief So Working Australians Keep More of Their Money) Bill 2019 - Third Reading - Pass the bill

Description

  • <p class="speaker">Mathias Cormann</p>
  • <p>I move:</p>
  • <p class="italic">That this bill be now read a third time.</p>
  • The majority voted in favour of a [motion](https://www.openaustralia.org.au/senate/?id=2019-07-04.238.1) to pass the bill in the Senate. In parliamentary jargon, they voted to read the bill [for a third time](https://www.peo.gov.au/learning/fact-sheets/making-a-law.html). Since the bill was already passed in the House of Representatives, this vote means that it will now become law.
  • ### What does the bill do?
  • 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 is that the bill be now read a third time.</p>
  • <p>The Senate divided. [19:10]</p>
  • <p>(The President&#8212;Senator Ryan)</p>
  • <p>Question agreed to.</p>
  • <p>Bill read a third time.</p>
  • <p>Pursuant to order agreed to earlier today, the Senate will now adjourn without debate.</p>
  • <p>Senate adjourned at 19:14</p>