Tax Laws Amendment (Untainting Tax) (Temporary Budget Repair Levy) Act 2014 (Cth)

Tax Laws Amendment (Untainting Tax) (Temporary Budget Repair Levy) Act 2014

No. 49, 2014

An Act to amend the Income Tax Assessment Act 1997, and for related purposes

Contents

Tax Laws Amendment (Untainting Tax) (Temporary Budget Repair Levy) Act 2014

No. 49, 2014

An Act to amend the Income Tax Assessment Act 1997, and for related purposes

[Assented to 25 June 2014]

The Parliament of Australia enacts:

1Short title

This Act may be cited as the Tax Laws Amendment (Untainting Tax) (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Note: This table relates only to the provisions of this Act as originally enacted.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Each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.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 Assessment Act 1997

1. 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:

Temporary budget repair levy

1. (5)

   If the income year in which the choice is made corresponds to a temporary budget repair levy year (within the meaning of section 4‑11 of the Income Tax (Transitional Provisions) Act 1997), increase the applicable tax rate calculated under subsection (3) by 2 percentage points.

4

Application

The amendment made by item 1 of this Schedule applies to income years starting on or after 1 July 2014.

[Minister’s second reading speech made in—

House of Representatives on 13 May 2014

Senate on 16 June 2014]

(104/14)