In what was hailed as one of the biggest economic reforms in Australian history, Federal Parliament, on 8 November 2011, passed the carbon tax legislation to put a price on greenhouse emissions.
Implications
The new law means several changes to personal income tax rates for the 2012/13 period, according to Jo-Anne Hotston, Tax Director, Bentleys, and Director, Tax bytes. ‘So our current $6,000 tax-free threshold will actually be increased to $18,200 and that looks like quite good news. However, it’s a case of what they’ve given with one hand, they’ve taken away with the other,’ she said.
The current 15% marginal tax rates will be increased to 19% and the 30% marginal tax rate will increase to 32.5% from 1 July 2012 and then be increased further to 33% from 1 July 2015.
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