Steven Ciobo (Moncrieff, Liberal Party, Parliamentary Secretary to the Treasurer) Share this | Link to this | Hansard source

I move:

That this bill be now read a second time.

The Income Tax Rates Amendment (Temporary Budget Repair Levy) Bill 2014 forms part of the package of measures that will introduce the temporary budget repair levy.

This bill will amend the Income Tax Rates Act 1986 to introduce a new schedule of income tax rates and thresholds that will comprise the temporary budget repair levy.

The temporary budget repair levy will be set at a rate of two per cent on individuals’ annual taxable income in excess of $180,000. The temporary budget repair levy will be in place during the ‘Temporary Budget Repair Levy years’, which are the 2014-15, 2015-16 and 2016-17 financial years.

This bill will also amend certain other income tax rates in the Income Tax Rates Act 1986 that are set by reference to the top personal marginal tax rate, or by calculations comprising that rate.

These amendments will maintain the integrity and fairness of the tax system, and minimise the opportunities for avoiding the levy.

Full details of the measure are contained in the explanatory memorandum I have already tabled.

Debate adjourned.