Income Tax (First Home Saver Accounts Misuse Tax) Amendment (Temporary Budget Repair Levy) Act 2014 (Cth)

Income Tax (First Home Saver Accounts Misuse Tax) Amendment (Temporary Budget Repair Levy) Act 2014

No. 44, 2014

An Act to amend the Income Tax (First Home Saver Accounts Misuse Tax) Act 2008, and for related purposes

Contents

Income Tax (First Home Saver Accounts Misuse Tax) Amendment (Temporary Budget Repair Levy) Act 2014

No. 44, 2014

An Act to amend the Income Tax (First Home Saver Accounts Misuse Tax) Act 2008, and for related purposes

[Assented to 25 June 2014]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Income Tax (First Home Saver Accounts Misuse Tax) Amendment (Temporary Budget Repair Levy) Act 2014.

2Commencement

1. (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 according to its terms.

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.	25 June 2014
2. Schedule 1	At the same time as Schedule 1 to the Tax Laws Amendment (Temporary Budget Repair Levy) Act 2014 commences.	25 June 2014

Note: This table relates only to the provisions of this Act as originally enacted.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.

1. (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.

3Schedule(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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.

Schedule 1—Temporary budget repair levy

Income Tax (First Home Saver Accounts Misuse Tax) Act 2008

1

At the end of the Act

Add:

8Temporary budget repair levy

1. (1)

   This section applies to payments from an FHSA made in a temporary budget repair levy year.

2. (2)

   Increase the amount of the adjusted maximum tax rate by 2 percentage points for the purpose of working out the clawback tax amount (see section 6) for the FHSA in relation to the payment.

3. (3)

   In this section:

temporary budget repair levy year has the same meaning as in section 4‑11 of the Income Tax (Transitional Provisions) Act 1997.

[Minister’s second reading speech made in—

House of Representatives on 13 May 2014

Senate on 16 June 2014]

(94/14)