Temporary budget repair levy

As part of the 2014-15 Federal budget the Government announced that it will impose a temporary Budget Repair levy of 2% on that part of a person's taxable income which exceeds $180,000.

The levy will apply from 1 July 2014 and apply to the 2014-15, 2015-16 and 2016-17 financial years. There will be consequential changes for legislation that reference the top marginal tax rate of 45%.