This package of bills proposes amendments to the income tax law to introduce the three-year progressive budget repair levy announced in the 2014–15 Budget. They levy will be payable at a rate of two per cent of each dollar of a taxpayer’s annual taxable income over $180,000 commencing in the 2014–15 financial year.
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On 15 May 2014, the Senate referred the Tax Laws Amendment (Temporary Budget Repair Levy) Bill 2014 and related bills to the Senate Economics Legislation Committee for inquiry and report by 16 June 2014.
Submissions closed on 30 May 2014.
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