Bill
Income Tax (First Home Saver Accounts Misuse 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 temporary budget repair levy as additional income tax on individuals for three years from the 2014-15 financial year.
The levy would be set at two per cent for each dollar of taxable income above $180,000, with no levy payable on income at or below that threshold except where integrity rules apply.
The levy would also apply to tax rates based on the top personal marginal rate and the Medicare levy to maintain fairness and prevent avoidance.
- Introduces a three-year progressive budget repair levy on Australian and foreign resident individuals.
- Sets the levy rate at two per cent on taxable income exceeding $180,000.
- Applies the levy to tax rates linked to the top personal marginal rate and the Medicare levy.
Australian resident and foreign resident individuals with taxable income above $180,000.
Sources
em
billhome
frl act