The Temporary Budget Repair Levy – Australian Federal Budget 2014.
As part of the 2014-15 Australian Federal Budget, the Temporary Budget Repair Levy will commence from 1st July 2014 and be in place for three years
This is a levy on high paid earners (over $180,000 per year) only.
The levy will be applied at two per cent on taxable income in excess of $180,000, and is expected to raise $3.1 billion over the three years that it will be in place.
The actual amounts payable will be:
| Taxable Income | Tax Year | |||
| Annual |
2014-15 | 2015-16 | 2016-17 | 2017-18 |
| $ 100,000 | $ – | $ – | $ – | $ – |
| $ 110,000 | $ – | $ – | $ – | $ – |
| $ 120,000 | $ – | $ – | $ – | $ – |
| $ 130,000 | $ – | $ – | $ – | $ – |
| $ 140,000 | $ – | $ – | $ – | $ – |
| $ 150,000 | $ – | $ – | $ – | $ – |
| $ 160,000 | $ – | $ – | $ – | $ – |
| $ 170,000 | $ – | $ – | $ – | $ – |
| $ 180,000 | $ – | $ – | $ – | $ – |
| $ 190,000 | $ 200 | $ 200 | $ 200 | $ – |
| $ 200,000 | $ 400 | $ 400 | $ 400 | $ – |
| $ 210,000 | $ 600 | $ 600 | $ 600 | $ – |
| $ 220,000 | $ 800 | $ 800 | $ 800 | $ – |
| $ 230,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ – |
| $ 240,000 | $ 1,200 | $ 1,200 | $ 1,200 | $ – |
| $ 250,000 | $ 1,400 | $ 1,400 | $ 1,400 | $ – |
| $ 260,000 | $ 1,600 | $ 1,600 | $ 1,600 | $ – |
| $ 270,000 | $ 1,800 | $ 1,800 | $ 1,800 | $ – |
| $ 280,000 | $ 2,000 | $ 2,000 | $ 2,000 | $ – |
| $ 290,000 | $ 2,200 | $ 2,200 | $ 2,200 | $ – |
| $ 300,000 | $ 2,400 | $ 2,400 | $ 2,400 | $ – |
| $ 350,000 | $ 3,400 | $ 3,400 | $ 3,400 | $ – |
| $ 400,000 | $ 4,400 | $ 4,400 | $ 4,400 | $ – |
| $ 450,000 | $ 5,400 | $ 5,400 | $ 5,400 | $ – |
| $ 500,000 | $ 6,400 | $ 6,400 | $ 6,400 | $ – |