Annual rates for 2020–21

ANNUAL SETTING OF INCOME TAX RATES

(Clause 3)

Summary of proposed amendment

The Bill sets the annual income tax rates that would apply for the 2020–21 tax year. The annual rates to be confirmed are the same as for the 2019–20 tax year.

Application date

The proposed amendment would apply for the 2020–21 tax year.

Key features

The proposed annual income tax rates for the 2020–21 tax year would be set at the rates specified in schedule 1 of the Income Tax Act 2007.