Part of a package of 15 bills to implement a three-year progressive budget repair levy, the bill amends the:
Income Tax Assessment Act 1997 and
Income Tax (Transitional Provisions) Act 1997 to determine the budget repair levy liability for certain taxpayers from 1 July 2014 to 30 June 2017;
Fringe Benefits Tax Assessment Act 1986 to align the fringe benefits rebate rate to the fringe benefits tax rate from 1 April 2015; and
Fringe Benefits Tax Assessment Act 1986 and Taxation Administration Regulations 1976 to make consequential amendments.