Commonwealth Numbered Acts

INCOME TAX (FIRST HOME SAVER ACCOUNTS MISUSE TAX) AMENDMENT (TEMPORARY BUDGET REPAIR LEVY) ACT 2014 (NO. 44, 2014) - SCHEDULE 1

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

1  At the end of the Act

Add:

8   Temporary budget repair levy

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

             (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)  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 .