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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
Tax Laws Amendment (Untainting Tax)
(Temporary Budget Repair Levy) Bill
2014
No. , 2014
(Treasury)
A Bill for an Act to amend the Income Tax
Assessment Act 1997, and for related purposes
No. , 2014
Tax Laws Amendment (Untainting Tax) (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 Assessment Act 1997
3
No. , 2014
Tax Laws Amendment (Untainting Tax) (Temporary Budget Repair
Levy) Bill 2014
1
A Bill for an Act to amend the Income Tax
1
Assessment Act 1997, and for related purposes
2
The Parliament of Australia enacts:
3
1 Short title
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This Act may be cited as the Tax Laws Amendment (Untainting
5
Tax) (Temporary Budget Repair Levy) Act 2014.
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2 Commencement
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(1) Each provision of this Act specified in column 1 of the table
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commences, or is taken to have commenced, in accordance with
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column 2 of the table. Any other statement in column 2 has effect
10
according to its terms.
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12
2
Tax Laws Amendment (Untainting Tax) (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.
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Information may be inserted in this column, or information in it
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may be edited, in any published version of this Act.
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3 Schedule(s)
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Each Act that is specified in a Schedule to this Act is amended or
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repealed as set out in the applicable items in the Schedule
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concerned, and any other item in a Schedule to this Act has effect
10
according to its terms.
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Temporary budget repair levy Schedule 1
No. , 2014
Tax Laws Amendment (Untainting Tax) (Temporary Budget Repair
Levy) Bill 2014
3
Schedule 1
--Temporary budget repair levy
1
2
Income Tax Assessment Act 1997
3
1 Subsection 197-60(3) (subparagraph (b)(ii) of the definition
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of applicable tax rate)
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Omit "2.5%", substitute "3%".
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2 Subsection 197-60(3) (note)
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Omit "2.5%", substitute "3%".
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3 At the end of section 197-60
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Add:
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Temporary budget repair levy
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(5) If the income year in which the choice is made corresponds to a
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temporary budget repair levy year (within the meaning of
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section 4-11 of the Income Tax (Transitional Provisions) Act
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1997), increase the applicable tax rate calculated under
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subsection (3) by 2 percentage points.
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4 Application
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The amendment made by item 1 of this Schedule applies to income
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years starting on or after 1 July 2014.
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