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Superannuation (Excess Non-concessional Contributions Tax) Amendment (Temporary Budget Repair Levy) Bill 2014

Schedule 1 Temporary budget repair levy

   

Superannuation (Excess Non-concessional Contributions Tax) Act 2007

1  At the end of the Act

Add:

6   Temporary budget repair levy

             (1)  This section applies to the temporary budget repair levy years.

             (2)  Increase the percentage mentioned in section 5 by 2 percentage points.

Increase limited if certain contributions already taxed

             (3)  However, do not increase the percentage in relation to a person to the extent the increase would result in the sum of the following amounts payable on the person’s excess concessional contributions for a temporary budget repair levy year exceeding 95% of those excess concessional contributions:

                     (a)  income tax;

                     (b)  excess non-concessional contributions tax.

Definitions

             (4)  In this section:

excess concessional contributions has the same meaning as in the Income Tax Assessment Act 1997 .

income tax has the same meaning as in the Income Tax Assessment Act 1997 .

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

(98/14)