Blog

Money Doesn’t Come Without Guidance ...

Does Temporary Budget Repair Levy Apply To 2016 Income Year?

Awesome Image
16
Mar

The Government introduced Temporary Budget Repair Levy as a part of 2014-2015 Federal budget that enables employers to withhold additional tax from individuals having more than $180,000 taxable income. Starting from 1st July 2014 this levy is applicable for 3 years which is 2015, 2016 and 2017 tax year. This levy will not be applicable from 1st July 2017. For every individual taxpayer, the levy is calculated separately to basic income tax liability except for foreign income tax offset no other tax offset can be used to reduce the levy liability.

In some special cases, the levy is payable even if the taxable income is $180,000 or less. For example, the unearned income of resident individuals under the age of 18 is subject to special rates and will include additional amount for the levy on income greater than $416.


Comments 0

    Currently, there are no comment.

Login to comment

Latest Posts

Popular Post

We provide the fastest, easiest and most effective online tax return solution

trustedsite