Bill
Income Tax (TFN Withholding Tax (ESS)) 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 introduces a three-year temporary budget repair levy starting in the 2014-15 financial year.
The levy would add two per cent to taxable income above $180,000, with no levy on income at or below that threshold except where integrity rules apply.
The levy would also apply to certain tax rates linked to the top personal marginal tax rate and the Medicare levy to prevent avoidance.
- Introduces a temporary budget repair levy as additional income tax on individuals.
- Applies the levy to tax rates based on the top personal marginal rate and the Medicare levy.
- Sets the levy at two per cent for taxable income over $180,000.
Australian resident and foreign resident individuals with taxable income over $180,000.
Sources
em
billhome
frl act