Bill
Superannuation (Excess Non-concessional Contributions 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 of 15 measures that would introduce a temporary budget repair levy for three years, mainly as extra income tax on individuals starting in the 2014-15 financial year.
The levy would also apply to tax rates linked to the top personal marginal rate of 45 per cent and to rates based on that rate plus the Medicare levy, to prevent avoidance and keep the system fair.
The levy would be charged at two per cent on taxable income over $180,000, with no levy on income at or below that threshold unless integrity rules apply the top rate.
- The package would create a three-year temporary budget repair levy.
- The levy would apply additional income tax to Australian and foreign resident individuals.
- The levy would be reflected in tax rates tied to 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