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House of Representatives

Income Tax Assessment Amendment Bill (No. 5) 1982

Income Tax Assessment Amendment Act (No. 5) 1982

Income Tax (Rates) Amendment Bill 1982

Income Tax (Rates) Amendment Act 1982

Income Tax (Rates) Bill 1982

Income Tax (Rates) Act 1982

Income Tax (Individuals) Bill 1982

Income Tax (Individuals) Act 1982

Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Bill 1982

Income Tax (Companies Corporate Unit Trusts and Superannuation Funds) Act 1982

Income Tax (Mining Withholding Tax) Amendment Bill 1982

Income Tax (Mining Withholding Tax) Amendment Act 1982

Explanatory Memorandum

(Circulated by authority of the Treasurer, the Hon. John Howard, M.P.)

General outline

Income Tax Assessment Amendment Bill (No. 5) 1982

This Bill will amend the income tax law to:

·
allow a rebate of tax at the standard rate for home loan interest payments made on or after 1 July 1982 by a resident taxpayer that are attributable to such part of the interest rate as exceeds 10 per cent per annum, in respect of the first $60,000 of a loan (or loans) on the taxpayer's sole or principal residence in Australia (proposal announced in the Budget);
·
provide a rebate at the standard rate of tax on up to $1,000 of dividends, with some exceptions, received by resident individuals from resident and certain non-resident companies (Budget proposal);
·
increase by $200 per year the rebate of tax for a spouse, daughter-housekeeper or housekeeper, where there is a dependent child or student, and the sole parent rebate (Budget proposal);
·
introduce a rebate of tax of $250 per annum, shading-out above a specified income level, for taxpayers wholly or mainly dependent on taxable Australian social security or repatriation pensions (Budget proposal);
·
grant income tax deductions for gifts of the value of $2 or more:

-
made during the 1981-82 and 1982-83 financial years to a public fund established and maintained exclusively for the relief of civilian victims of the conflict in Lebanon arising out of the invasion of that country by Israel (proposal announced on 31 August 1982);
-
made after 17 August 1982 to a number of conservation organisations (Budget proposal - as extended by the inclusion of the National Parks Foundation of South Australia - details announced on 17 August 1982);
-
made after 26 August 1982 to the Centre for Independent Studies, the Playford Memorial Trust, the Boy Scouts and the Girl Guides Associations in Australia and Amnesty International in Australia (proposal announced on 26 August 1982);

·
increase the retention allowance of a private company in respect of its trading or business income from 70 to 80 per cent (Budget proposal);
·
give effect to the Budget announcement that a rehabilitation allowance, payable from the first pension payday in March 1983 to persons undergoing treatment or training with the Commonwealth Rehabilitation Service, is to be exempt from tax;
·
amend the rate, based on the standard rate of tax, used to calculate various rebates and the rate of withholding tax on payments made by mining companies to Aboriginal councils, in consequence of the reduction in the standard rate of tax to be declared by the Income Tax (Rates) Bill 1982;
·
provide the method of calculating provisional tax for the 1982-83 income year; and
·
make formal amendments as a consequence of recent changes of a formal kind to the Social Services Act 1947.

Income Tax (Rates) Amendment Bill 1982

This Bill will amend the Income Tax (Rates) Act 1976 so that the rates of tax declared by that Act for individuals and trustees generally for the 1981-82 and subsequent financial years will apply for the 1981-82 year only - rates for later years will be declared by the accompanying Income Tax (Rates) Bill 1982.

Income Tax (Rates) Bill 1982

This Bill will declare the rates of tax payable by individuals and trustees generally for the 1982-83 financial year and for the 1983-84 and subsequent financial years. In so doing, the Bill will give effect to the Budget proposals to alter the personal income tax rate scale, with effect from 1 November 1982, to -

·
increase the zero rate step from $4,195 to $4,595;
·
increase the top of the standard rate step from $17,894 to $19,500; and
·
reduce the standard rate of tax from 32 per cent to 30 per cent,

and, with effect from 17 August 1982 (Budget day), to withdraw the benefit of the zero rate step in the rate scale from non-resident individuals, other than those in receipt of Australian social security and repatriation payments that are taxable in Australia.

Income Tax (Individuals) Bill 1982

This Bill will:

·
formally impose tax payable for the 1982-83 financial year by individuals, and by trustees generally, at the rates that will be declared by the Income Tax (Rates) Bill 1982; and
·
formally impose provisional tax for the 1982-83 year of income.

Income Tax (Companies, Corporate Unit Trusts and Superannuation Funds) Bill 1982

This Bill will declare and impose the rates of tax payable for 1982-83 by companies, trustees of corporate unit trusts and trustees of superannuation funds.

Income Tax (Mining Withholding Tax) Amendment Bill 1982

This Bill will amend the Income Tax (Mining Withholding Tax) Act 1979 to reduce from 6.4 per cent to 6 per cent the rate of tax imposed on mining payments made to aboriginal councils on or after 1 November 1982.


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