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Commonwealth Budget
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On 13 May 2003, the Treasurer, Peter Costello, delivered the 2003-04 Federal Budget.

In relation to tax measures, the Treasurer has announced changes to Australia's international taxation system.

What was not anticipated was the announcement by the Treasurer of modest reductions in personal income tax to apply from 1 July 2003.

From 1 July 2003, the Government will reduce income tax paid by personal taxpayers.

Changes to the personal income tax thresholds are to be made as follows:
- the 30% threshold is to be increased from $20,000 to $21,600;
- the 42% threshold is to be increased from $50,000 to $52,000; and
- the 47% threshold is to be increased from $60,000 to $62,500.

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