House debates
Wednesday, 28 May 2014
Bills
Tax Laws Amendment (Temporary Budget Repair Levy) Bill 2014, Income Tax Rates Amendment (Temporary Budget Repair Levy) Bill 2014, Family Trust Distribution Tax (Primary Liability) Amendment (Temporary Budget Repair Levy) Bill 2014, Fringe Benefits Tax Amendment (Temporary Budget Repair Levy) Bill 2014, Income Tax (Bearer Debentures) Amendment (Temporary Budget Repair Levy) Bill 2014, Income Tax (First Home Saver Accounts Misuse Tax) Amendment (Temporary Budget Repair Levy) Bill 2014, Income Tax (TFN Withholding Tax (ESS)) Amendment (Temporary Budget Repair Levy) Bill 2014, Superannuation (Departing Australia Superannuation Payments Tax) Amendment (Temporary Budget Repair Levy) Bill 2014, Superannuation (Excess Non-concessional Contributions Tax) Amendment (Temporary Budget Repair Levy) Bill 2014, Superannuation (Excess Untaxed Roll-over Amounts Tax) Amendment (Temporary Budget Repair Levy) Bill 2014, Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 1) Amendment (Temporary Budget Repair Levy) Bill 2014, Taxation (Trustee Beneficiary Non-disclosure Tax) (No. 2) Amendment (Temporary Budget Repair Levy) Bill 2014, Tax Laws Amendment (Interest on Non-Resident Trust Distributions) (Temporary Budget Repair Levy) Bill 2014, Tax Laws Amendment (Untainting Tax) (Temporary Budget Repair Levy) Bill 2014, Trust Recoupment Tax Amendment (Temporary Budget Repair Levy) Bill 2014; Second Reading
11:00 am
Warren Snowdon (Lingiari, Australian Labor Party, Shadow Parliamentary Secretary for External Territories) Share this | Hansard source
Mate, mate! You come here saying this? Smilton Milton—that'd be right! We need to remind ourselves what this bill, the Tax Laws Amendment (Temporary Budget Repair Levy) Bill 2014, and related bills are about. The purpose of these bills is to introduce an additional income tax in the form of a three-year progressive levy on taxable incomes in the 2014-15 financial year and the two following years so that individuals with a taxable income of $180,000 or less will not pay the levy except where their income, or part thereof, is subject to some other tax rate based on the top personal marginal tax rate or based on a calculation comprising the top personal rate, and individuals with a taxable income of more than $180,000 will pay a two per cent levy on that part of their taxable income above $180,000.
Of course, we know why this bill has been introduced. It is because of the perversity of the Prime Minister in trying to tell us all before the election there would be no new taxes and then after the election introducing a suite of new taxes and charges on the Australian community. We all know a lie when we see one—and we got a barrel full of them before the election. I note the member for Solomon is leaving the chamber.
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