Bill
Tax Laws Amendment (Interest on Non-Resident Trust Distributions) (Temporary Budget Repair Levy) Bill 2014
passed, as at 2014-06-25. Treasury portfolio.
- Sponsor
- Not recorded
- Portfolio
- Treasury
Recorded stages
- introduced — 2014-05-14
- second reading — 2014-05-14
- 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 2014-05-14.
This bill is part of a package that would introduce a temporary budget repair levy for three years starting in the 2014-15 financial year, mainly as extra income tax on individuals.
The levy would also apply to tax rates linked to the top personal marginal rate and to rates based on that rate plus the Medicare levy, to prevent avoidance and keep the system fair.
The levy would be two per cent of taxable income above $180,000, with no levy on income at or below that amount unless integrity rules apply the top rate to certain income.
- Introduces a three-year progressive budget repair levy as additional income tax on individuals from 2014-15.
- Applies the levy to tax rates based on the top personal marginal rate and those based on the top rate plus the Medicare levy.
- Sets the levy at two per cent of 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 over $180,000, and taxpayers subject to tax rates linked to the top personal marginal rate.
Sources
em
billhome
frl act