Commonwealth Numbered Acts

INCOME TAX (TFN WITHHOLDING TAX (ESS)) AMENDMENT (TEMPORARY BUDGET REPAIR LEVY) ACT 2014 (NO. 46, 2014) - SCHEDULE 1

Income Tax (TFN Withholding Tax (ESS)) Act 2009

1  At the end of the Act

Add:

5   Temporary budget repair levy

             (1)  This section applies if the income year in which the amount is included as mentioned in paragraph 14-155(1)(b) in Schedule 1 to the Taxation Administration Act 1953 is a temporary budget repair levy year.

             (2)  Increase the rate of tax worked out under section 4 by 2 percentage points.

             (3)  In this section:

"temporary budget repair levy year" means an income year corresponding to a temporary budget repair levy year (within the meaning of section 4- 11 of the Income Tax (Transitional Provisions) Act 1997 ).