Tax and Structures
Individual taxation
Temporary Budget Repair Levy
A new temporary levy is also payable by high income earners for a period of three years. This is called the Temporary Budget Repair Levy.
If you have taxable income over $180,000 you will pay this levy on your taxable income that exceeds $180,000. It is only payable on taxable income generated between 1 July 2014 and 30 June 2017.
Example:
In the 2016/17 financial year, Darlene has taxable income of $200,000. In additional to personal tax and Medicare Levy, she will also need to pay the Temporary Budget Repair Levy on the $20,000 of taxable income over $180,000.
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