Commonwealth Numbered Acts Commonwealth Numbered Acts
1 After Part III
Insert:
Part IV -- Temporary budget repair levy
In this Part:
"temporary budget repair levy year" means a year of income corresponding to a temporary budget repair levy year (within the meaning of section 4- 11 of the Income Tax (Transitional Provisions) Act 1997 ).
This Part applies in relation to the temporary budget repair levy years.
34 Extra income tax for temporary budget repair levy
The rate of extra income tax payable as mentioned in section 4- 11 of the Income Tax (Transitional Provisions) Act 1997 (temporary budget repair levy) for a financial year on a taxpayer's taxable income for the corresponding year of income is the rate applicable under the table.
|
Rate of temporary budget repair levy |
||
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Item |
Column 1 |
Column 2 |
|
1 |
exceeds $180,000 |
2% |
35 Temporary budget repair levy for other income tax rates
References to 45%
(1) The provisions of this Act set out in column 1 of the table apply as if each reference in the provision to 45% was increased by 2 percentage points.
|
Provisions containing references to 45% |
||
|
Item |
Column 1 |
Column 2 |
|
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 |
Note: Some provisions, such as the Schedules, are excluded from this list so as not to duplicate the operation of the levy.
References to maximum rate
(2) The following provisions of this Act apply as if the maximum rate specified as mentioned in the provision was increased by 2 percentage points:
(a) paragraph 28(b) (rate for subsection 98(4) of the Assessment Act);
(b) paragraph 29(2)(a) (rate for no-TFN contributions income).
Note: This subsection does not cover references to the "highest rate" in subsection 13(1) and 15(8), which are about phase-out limits.
36 Rate where Division 6AA of Part III of the Assessment Act applies
(1) This section applies in respect of the following amounts:
(a) so much of the eligible taxable income of a resident taxpayer who is a prescribed person for the purposes of Division 6AA of Part III of the Assessment Act as exceeds $416 but does not exceed $180,000;
(b) so much of the eligible taxable income of a non-resident taxpayer who is a prescribed person for the purposes of that Division as does not exceed $180,000;
(c) so much of a share of the net income of a trust estate in respect of which the trustee is liable to be assessed and to pay tax as:
(i) is a share to which that Division applies; and
(ii) does not exceed $180,000.
(2) Increase by 2 percentage points the rate of tax that would, apart from this section, apply to the amount.
Nothing in the provisions of this Act (other than this Part) limits the operation of this Part.
Note: This reflects the fact that temporary budget repair levy is extra income tax.