Bill
Superannuation (Departing Australia Superannuation Payments 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.
The levy would add two per cent tax on each dollar of taxable income above $180,000, and would also increase other tax rates that are linked to the top personal marginal rate.
The government says the levy would make those with greater capacity to pay contribute more to repairing the budget.
- Introduces a three-year progressive budget repair levy as additional income tax on individuals.
- Raises tax rates that are based on the top personal marginal rate or a calculation of that rate plus the Medicare levy.
- Applies the levy at two per cent on taxable income over $180,000, with no levy on income at or below that threshold except where integrity rules apply.
Australian resident and foreign resident individuals with taxable income above $180,000.
Sources
em
billhome
frl act