2013-2014 

 

The Parliament of the 

Commonwealth of Australia 

 

HOUSE OF REPRESENTATIVES 

 

 

 

 

Presented and read a first time 

 

 

 

 

Income Tax (First Home Saver Accounts 

Misuse Tax) Amendment (Temporary 

Budget Repair Levy) Bill 2014 

 

No.      , 2014 

 

(Treasury) 

 

 

 

A Bill for an Act to amend the Income Tax (First 

Home Saver Accounts Misuse Tax) Act 2008, and for 

related purposes 

   

   

 

 

No.      , 2014 

Income Tax (First Home Saver Accounts Misuse Tax) Amendment 

(Temporary Budget Repair Levy) Bill 2014 

i 

 

Contents 

1 

Short title ........................................................................................... 1

 

2 

Commencement ................................................................................. 1

 

3 

Schedule(s) ........................................................................................ 2

 

Schedule 1--Temporary budget repair levy

 

3

 

Income Tax (First Home Saver Accounts Misuse Tax) Act 2008

 

3

 

 

 

 

No.      , 2014 

Income Tax (First Home Saver Accounts Misuse Tax) Amendment 

(Temporary Budget Repair Levy) Bill 2014 

1 

 

A Bill for an Act to amend the Income Tax (First 

1 

Home Saver Accounts Misuse Tax) Act 2008, and for 

2 

related purposes 

3 

The Parliament of Australia enacts: 

4 

1  Short title 

5 

 

  This Act may be cited as the Income Tax (First Home Saver 

6 

Accounts Misuse Tax) Amendment (Temporary Budget Repair 

7 

Levy) Act 2014. 

8 

2  Commencement 

9 

 

(1)  Each provision of this Act specified in column 1 of the table 

10 

commences, or is taken to have commenced, in accordance with 

11 

   

   

 

 

2 

Income Tax (First Home Saver Accounts Misuse Tax) Amendment 

(Temporary Budget Repair Levy) Bill 2014 

No.      , 2014 

 

column 2 of the table. Any other statement in column 2 has effect 

1 

according to its terms. 

2 

 

3 

Commencement information 

Column 1 

Column 2 

Column 3 

Provision(s) 

Commencement 

Date/Details 

1.  Sections 1 to 3 

and anything in 

this Act not 

elsewhere covered 

by this table 

The day this Act receives the Royal Assent. 

 

2.  Schedule 1 

At the same time as Schedule 1 to the Tax 

Laws Amendment (Temporary Budget 

Repair Levy) Act 2014 commences. 

 

Note: 

This table relates only to the provisions of this Act as originally 

4 

enacted. It will not be amended to deal with any later amendments of 

5 

this Act. 

6 

 

(2)  Any information in column 3 of the table is not part of this Act. 

7 

Information may be inserted in this column, or information in it 

8 

may be edited, in any published version of this Act. 

9 

3  Schedule(s) 

10 

 

  Each Act that is specified in a Schedule to this Act is amended or 

11 

repealed as set out in the applicable items in the Schedule 

12 

concerned, and any other item in a Schedule to this Act has effect 

13 

according to its terms. 

14 

Temporary budget repair levy  Schedule 1 

   

 

 

No.      , 2014 

Income Tax (First Home Saver Accounts Misuse Tax) Amendment 

(Temporary Budget Repair Levy) Bill 2014 

3 

 

Schedule 1

--Temporary budget repair levy 

1 

   

2 

Income Tax (First Home Saver Accounts Misuse Tax) Act 

3 

2008 

4 

1  At the end of the Act 

5 

Add: 

6 

8  Temporary budget repair levy 

7 

 

(1)  This section applies to payments from an FHSA made in a 

8 

temporary budget repair levy year. 

9 

 

(2)  Increase the amount of the adjusted maximum tax rate by 2 

10 

percentage points for the purpose of working out the clawback tax 

11 

amount (see section 6) for the FHSA in relation to the payment. 

12 

 

(3)  In this section: 

13 

temporary budget repair levy year has the same meaning as in 

14 

section 4-11 of the Income Tax (Transitional Provisions) Act 1997. 

15