Bill
Income Tax (Bearer Debentures) Amendment (Temporary Budget Repair Levy) Bill 2014
passed, as at 2014-06-25. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2014-05-13
- second reading — 2014-05-13
- second reading — 2014-05-27
- second reading — 2014-05-28
- second reading — 2014-05-28
- third reading — 2014-05-28
- introduced — 2014-06-16
- second reading — 2014-06-16
- second reading — 2014-06-16
- second reading — 2014-06-16
- committee — 2014-06-17
- third reading — 2014-06-17
- passed — 2014-06-17
- royal assent — 2014-06-25
Divisions
No divisions recorded. Most questions are decided on the voices; this does not establish that a bill was unopposed.
Plain-language summary
Written by a model from the explanatory memorandum; not the record, as at 2014-05-13.
This bill is part of a package that would introduce a three-year temporary budget repair levy starting in the 2014-15 financial year.
The levy would apply as additional income tax on Australian and foreign resident individuals, with a rate of two per cent on taxable income above $180,000.
The levy would also be reflected in tax rates based on the top personal marginal rate and the Medicare levy to maintain system integrity and prevent avoidance.
- Introduces a temporary budget repair levy for three years from 2014-15.
- Applies a two per cent levy on taxable income over $180,000.
- Aligns certain tax rates with the top personal marginal rate and Medicare levy.
Australian resident and foreign resident individuals with taxable income over $180,000.
Sources
em
billhome
frl act