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29 May 14 Temporary budget repair levy Bills pass House

On 28 May 2014 the package of Bills to enact the temporary budget repair levy passed the House of Representatives, without amendment. The Bills now move to the Senate.

The Bills will 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.

The levy is payable at a rate of two% 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 package consists of the following Bills:

  • Tax Laws Amendment (Temporary Budget Repair Levy) Bill 2014
  • Income Tax Rates Amendment (Temporary Budget Repair Levy) Bill 2014
  • Family Trust Distribution Tax (Primary Liability) Amendment (Temporary Budget Repair Levy) Bill 2014
  • Fringe Benefits Tax Amendment (Temporary Budget Repair Levy) Bill 2014
  • Income Tax (Bearer Debentures) Amendment (Temporary Budget Repair Levy) Bill 2014
  • Income Tax (First Home Saver Accounts Misuse Tax) Amendment (Temporary Budget Repair Levy) Bill 2014
  • Income Tax (TFN Withholding Tax (ESS)) Amendment (Temporary Budget Repair Levy) Bill 2014
  • Superannuation (Departing Australia Superannuation Payments Tax) Amendment (Temporary Budget Repair Levy) Bill 2014
  • Superannuation (Excess Non-Concessional Contributions Tax) Amendment (Temporary Budget Repair Levy) Bill 2014
  • Superannuation (Excess Untaxed Roll-Over Amounts Tax) Amendment (Temporary Budget Repair Levy) Bill 2014
  • Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 1) Amendment (Temporary Budget Repair Levy) Bill 2014
  • Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 2) Amendment (Temporary Budget Repair Levy) Bill 2014
  • Tax Laws Amendment (Interest on Non-Resident Trust Distributions) (Temporary Budget Repair Levy) Bill 2014
  • Tax Laws Amendment (Untainting Tax) (Temporary Budget Repair Levy) Bill 2014 and
  • Trust Recoupment Tax Amendment (Temporary Budget Repair Levy) Bill 2014.

These Bills amend the Income Tax Assessment Act 1997, the Income Tax Rates Act 1986, the Income Tax (Transitional Provisions) Act 1997 and other taxation imposition and ratings Acts.

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