Bill
Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 2) 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 from the 2014‑15 financial year.
The levy would mainly add extra income tax for Australian and foreign resident individuals, and would also adjust various tax rates currently linked to the top personal marginal tax rate to prevent avoidance.
The levy would be two per cent on each dollar of taxable income over $180,000, with no levy due on income at or below that threshold except where integrity rules apply.
- Introduces a three-year progressive budget repair levy on individuals.
- Adjusts certain tax rates based on the top personal marginal rate and the Medicare levy to maintain fairness.
- Applies the levy at two per cent on taxable income above $180,000.
Australian resident and foreign resident individuals with taxable income over $180,000, as well as those subject to integrity rules that apply the top marginal rate.
Sources
em
billhome
frl act