Bill
Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 1) 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 temporary budget repair levy for three years from 2014-15.
The levy would add two per cent tax on taxable income above $180,000, with no levy below that threshold except where integrity rules apply the top marginal rate.
The package would also adjust other tax rates linked to the top personal marginal rate and the Medicare levy to prevent avoidance.
- Introduces a temporary budget repair levy on individuals for three years from 2014-15.
- Sets the levy at two per cent of taxable income over $180,000.
- Adjusts other tax rates tied to the top personal marginal rate and Medicare levy to maintain system integrity.
Australian resident and foreign resident individuals with taxable income above $180,000.
Sources
em
billhome
frl act