Commonwealth of Australia Bills Commonwealth of Australia Bills[Index] [Search] [Download] [Related Items] [Help]
This is a Bill, not an Act. For current law, see the Acts databases.
2013-2014
The Parliament of the
Commonwealth of Australia
HOUSE OF REPRESENTATIVES
Presented and read a first time
Income Tax Rates Amendment
(Temporary Budget Repair Levy) Bill
2014
No. , 2014
(Treasury)
A Bill for an Act to amend the Income Tax Rates
Act 1986, and for related purposes
No. , 2014
Income Tax Rates 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 Rates Act 1986
3
No. , 2014
Income Tax Rates Amendment (Temporary Budget Repair Levy) Bill
2014
1
A Bill for an Act to amend the Income Tax Rates
1
Act 1986, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
4
This Act may be cited as the Income Tax Rates Amendment
5
(Temporary Budget Repair Levy) Act 2014.
6
2 Commencement
7
(1) Each provision of this Act specified in column 1 of the table
8
commences, or is taken to have commenced, in accordance with
9
column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
11
12
2
Income Tax Rates Amendment (Temporary Budget Repair Levy) Bill
2014
No. , 2014
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
1
enacted. It will not be amended to deal with any later amendments of
2
this Act.
3
(2) Any information in column 3 of the table is not part of this Act.
4
Information may be inserted in this column, or information in it
5
may be edited, in any published version of this Act.
6
3 Schedule(s)
7
Each Act that is specified in a Schedule to this Act is amended or
8
repealed as set out in the applicable items in the Schedule
9
concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
11
Temporary budget repair levy Schedule 1
No. , 2014
Income Tax Rates Amendment (Temporary Budget Repair Levy) Bill
2014
3
Schedule 1
--Temporary budget repair levy
1
2
Income Tax Rates Act 1986
3
1 After Part III
4
Insert:
5
Part IV--Temporary budget repair levy
6
7
32 Interpretation
8
In this Part:
9
temporary budget repair levy year means a year of income
10
corresponding to a temporary budget repair levy year (within the
11
meaning of section 4-11 of the Income Tax (Transitional
12
Provisions) Act 1997).
13
33 Application
14
This Part applies in relation to the temporary budget repair levy
15
years.
16
34 Extra income tax for temporary budget repair levy
17
The rate of extra income tax payable as mentioned in section 4-11
18
of the Income Tax (Transitional Provisions) Act 1997 (temporary
19
budget repair levy) for a financial year on a taxpayer's taxable
20
income for the corresponding year of income is the rate applicable
21
under the table.
22
23
Rate of temporary budget repair levy
Item
Column 1
For the part of the taxable income of the taxpayer
that:
Column 2
The rate is:
1
exceeds $180,000
2%
Schedule 1 Temporary budget repair levy
4
Income Tax Rates Amendment (Temporary Budget Repair Levy) Bill
2014
No. , 2014
35 Temporary budget repair levy for other income tax rates
1
References to 45%
2
(1) The provisions of this Act set out in column 1 of the table apply as
3
if each reference in the provision to 45% was increased by 2
4
percentage points.
5
6
Provisions containing references to 45%
Item
Column 1
Provision
Column 2
Topic of provision
1
Subsection 12(7)
Rate for subsection 94(9) of the Assessment Act
2
Subsection 12(8)
Rate for subsections 94(11) and (12) of the
Assessment Act
3
Subsection 12(9)
Rate for section 99A of the Assessment Act
4
Paragraph 26(1)(b)
Rate for superannuation funds with non-arm's length
component
5
Subsection 26(2)
Rate for non-complying superannuation funds
6
Paragraph 27(1)(b)
Rate for complying ADFs with non-arm's length
component
7
Subsection 27(2)
Rate for non-complying ADFs
8
Subsection 27A(b)
Rate for pooled superannuation trusts with non-arm's
length component
7
Note:
Some provisions, such as the Schedules, are excluded from this list so
8
as not to duplicate the operation of the levy.
9
References to maximum rate
10
(2) The following provisions of this Act apply as if the maximum rate
11
specified as mentioned in the provision was increased by 2
12
percentage points:
13
(a) paragraph 28(b) (rate for subsection 98(4) of the Assessment
14
Act);
15
(b) paragraph 29(2)(a) (rate for no-TFN contributions income).
16
Note:
This subsection does not cover references to the "highest rate" in
17
subsection 13(1) and 15(8), which are about phase-out limits.
18
Temporary budget repair levy Schedule 1
No. , 2014
Income Tax Rates Amendment (Temporary Budget Repair Levy) Bill
2014
5
36 Rate where Division 6AA of Part III of the Assessment Act
1
applies
2
(1) This section applies in respect of the following amounts:
3
(a) so much of the eligible taxable income of a resident taxpayer
4
who is a prescribed person for the purposes of Division 6AA
5
of Part III of the Assessment Act as exceeds $416 but does
6
not exceed $180,000;
7
(b) so much of the eligible taxable income of a non-resident
8
taxpayer who is a prescribed person for the purposes of that
9
Division as does not exceed $180,000;
10
(c) so much of a share of the net income of a trust estate in
11
respect of which the trustee is liable to be assessed and to pay
12
tax as:
13
(i) is a share to which that Division applies; and
14
(ii) does not exceed $180,000.
15
(2) Increase by 2 percentage points the rate of tax that would, apart
16
from this section, apply to the amount.
17
37 Operation of this Part
18
Nothing in the provisions of this Act (other than this Part) limits
19
the operation of this Part.
20
Note:
This reflects the fact that temporary budget repair levy is extra income
21
tax.
22