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18 Jun 14 Temporary budget repair levy Bills pass

On 17 June 2014 the package of Bills to enact the temporary budget repair levy passed the final stages in the Senate, without amendments, and will now await the Royal Assent.

These Bills enact a three-year progressive budget repair levy in the primary form of additional income tax on Australian resident and foreign resident individuals commencing in the 2014-15 financial year and for the two following years.

The levy is payable at a rate of 2% of each dollar of a taxpayer’s annual taxable income over $180,000. No levy is payable where the taxpayer has a taxable income of $180,000 or less except in cases where a tax law integrity rule applies the top personal marginal tax rate as a flat rate to certain types of income.

The Bills are as follows:

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