House of Representatives
Taxation Laws Amendment (Rates and Provisional Tax) Bill 1990
Taxation Laws Amendment (Rates and Provisional Tax) Act 1990
Income Tax Amendment Bill 1990
Income Tax Amendment Act 1990
Medicare Levy Amendment Bill 1990
Medicare Levy Amendment Act 1990
Explanatory Memorandum
(Circulated by authority of the Treasurer, the Hon. P. J. Keating, M.P.)FINANCIAL IMPACT
TAXATION LAWS AMENDMENT (RATES AND PROVISIONAL TAX) BILL 1990
INCOME TAX AMENDMENT BILL 1990
The changes to the personal tax rate scale for residents is estimated to cost $1,230 million in 1990-91 and $2,585 million in 1991-92.
The changes to the personal tax rate scale for non-residents is estimated to cost less than $0.5 million in a full year.
The gain to revenue from the reduction of the level of the rebate for net medical expenses is estimated at $7 million in 1991-92 and $15 million in a full year.
The estimated gain to revenue from the extension of the provisional tax system to certain salary or wages is $370 million in 1990-91.
MEDICARE LEVY AMENDMENT BILL 1990
The increase in the low income thresholds is estimated to cost $35 million in 1990-91 and $80 million in 1991-92.