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This is a Bill, not an Act. For current law, see the Acts databases.


TAX LAWS AMENDMENT (UNTAINTING TAX) (TEMPORARY BUDGET REPAIR LEVY) BILL 2014

 

 

 

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 

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

 

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

 

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 

Assessment Act 1997, and for related purposes 

The Parliament of Australia enacts: 

1  Short title 

 

  This Act may be cited as the Tax Laws Amendment (Untainting 

Tax) (Temporary Budget Repair Levy) Act 2014

2  Commencement 

 

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

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

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

10 

according to its terms. 

11 

 

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 

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

this Act. 

 

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

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

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

3  Schedule(s) 

 

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

repealed as set out in the applicable items in the Schedule 

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 

Tax Laws Amendment (Untainting Tax) (Temporary Budget Repair 

Levy) Bill 2014 

3 

 

Schedule 1

--Temporary budget repair levy 

   

Income Tax Assessment Act 1997 

1  Subsection 197-60(3) (subparagraph (b)(ii) of the definition 

of applicable tax rate

Omit "2.5%", substitute "3%". 

2  Subsection 197-60(3) (note) 

Omit "2.5%", substitute "3%". 

3  At the end of section 197-60 

Add: 

10 

Temporary budget repair levy 

11 

 

(5)  If the income year in which the choice is made corresponds to a 

12 

temporary budget repair levy year (within the meaning of 

13 

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

14 

1997), increase the applicable tax rate calculated under 

15 

subsection (3) by 2 percentage points. 

16 

4  Application 

17 

The amendment made by item 1 of this Schedule applies to income 

18 

years starting on or after 1 July 2014. 

19 

 


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