Income Tax Rates Amendment (Tax Reform No. 1) Bill 2026

The SPEAKER (12:47): The question before the House is the bill be agreed to. In accordance with the resolution agreed to earlier, the question now is the amendment circulated by the honourable member for Wentworth be agreed to. Member for Wentworth's circulated amendment— (1) Schedule 1, page 3 (after line 19), at the end of the Schedule, add: 2 Clause 1 of Part I of Schedule 7 (table heading dealing with 2027-28 year of income) Omit "or a later year of income". 3 Clause 1 of Part I of Schedule 7 (at the end of the table) Add: Tax rates for resident taxpayers for the 2028-29 year of income Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds the tax-free threshold but does not exceed $45,000 14% 2 exceeds $45,000 but does not exceed $135,000 30% 3 exceeds $135,000 but does not exceed $190,000 37% 4 exceeds $190,000 45% Tax rates for resident taxpayers for the 2029-30 year of income Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds the tax-free threshold but does not exceed $45,000 14% 2 exceeds $45,000 but does not exceed $135,000 30% 3 exceeds $135,000 but does not exceed $190,000 37% 4 exceeds $190,000 44% Tax rates for resident taxpayers for the 2030-31 year of income Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds the tax-free threshold but does not exceed $45,000 14% 2 exceeds $45,000 but does not exceed $135,000 30% 3 exceeds $135,000 but does not exceed $190,000 36% 4 exceeds $190,000 44% Tax rates for resident taxpayers for the 2031-32 year of income or a later year of income Item For the part of the ordinary taxable income of the taxpayer that: The rate is: 1 exceeds the tax-free threshold but does not exceed $45,000 14% 2 exceeds $45,000 but does not exceed $135,000 29% 3 exceeds $135,000 but does not exceed $190,000 36% 4 exceeds $190,000 44%