Bill
Tax Laws Amendment (Untainting Tax) (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 budget repair levy starting in the 2014-15 financial year.
The levy would add two per cent income tax on taxable income over $180,000, with no levy payable on income at or below that threshold except where integrity rules apply.
The levy would also be reflected in tax rates based on the top personal marginal rate, currently 45 per cent, and those based on that rate plus the Medicare levy.
- Introduces a temporary budget repair levy as additional income tax on individuals.
- Applies the levy at two per cent on taxable income over $180,000.
- Adjusts certain tax rates tied to the top personal marginal rate and the Medicare levy.
Australian resident and foreign resident individuals
Sources
em
billhome
frl act