Bill
Family Trust Distribution Tax (Primary Liability) 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 be an additional two per cent income tax on taxable income above $180,000, and would also apply to certain tax rates linked to the top personal marginal rate.
No levy would be payable on taxable income of $180,000 or less, except where integrity rules apply the top rate to certain income.
- Introduces a three-year progressive budget repair levy as additional income tax on individuals.
- Applies the levy to tax rates based on the top personal marginal rate and those combining that rate with the Medicare levy.
- Sets the levy at two per cent for each dollar of taxable income over $180,000.
Australian resident and foreign resident individuals with taxable income above $180,000.
Sources
em
billhome
frl act