Bill
Fringe Benefits Tax 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, mainly as extra income tax on individuals.
The levy would be applied at a rate of two per cent on taxable income above $180,000, and would also affect tax rates linked to the top personal marginal rate and the Medicare levy.
The explanatory memorandum says the package would amend the Income Tax Assessment Act 1997, the Income Tax Rates Act 1986, and other taxation laws.
- 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 tax rates based on the top personal marginal rate and the Medicare levy.
Australian resident and foreign resident individuals with taxable income over $180,000.
Sources
em
billhome
frl act