Appendix E - Temporary Budget Repair Levy
The Temporary Budget Repair Levy will be in place for three years starting 1 July 2014, and will ensure that high-income earners are contributing to the Budget repair task. The levy will be applied at two per cent on taxable income in excess of $180,000. This measure is expected to raise $3.1 billion over the forward estimates period.
| Levy payable ($) | ||||
|---|---|---|---|---|
| Taxable Income | 2014-15 | 2015-16 | 2016-17 | 2017-18 |
| 100,000 | 0 | 0 | 0 | 0 |
| 110,000 | 0 | 0 | 0 | 0 |
| 120,000 | 0 | 0 | 0 | 0 |
| 130,000 | 0 | 0 | 0 | 0 |
| 140,000 | 0 | 0 | 0 | 0 |
| 150,000 | 0 | 0 | 0 | 0 |
| 160,000 | 0 | 0 | 0 | 0 |
| 170,000 | 0 | 0 | 0 | 0 |
| 180,000 | 0 | 0 | 0 | 0 |
| 190,000 | 200 | 200 | 200 | 0 |
| 200,000 | 400 | 400 | 400 | 0 |
| 210,000 | 600 | 600 | 600 | 0 |
| 220,000 | 800 | 800 | 800 | 0 |
| 230,000 | 1,000 | 1,000 | 1,000 | 0 |
| 240,000 | 1,200 | 1,200 | 1,200 | 0 |
| 250,000 | 1,400 | 1,400 | 1,400 | 0 |
| 260,000 | 1,600 | 1,600 | 1,600 | 0 |
| 270,000 | 1,800 | 1,800 | 1,800 | 0 |
| 280,000 | 2,000 | 2,000 | 2,000 | 0 |
| 290,000 | 2,200 | 2,200 | 2,200 | 0 |
| 300,000 | 2,400 | 2,400 | 2,400 | 0 |
| 350,000 | 3,400 | 3,400 | 3,400 | 0 |
| 400,000 | 4,400 | 4,400 | 4,400 | 0 |
| 450,000 | 5,400 | 5,400 | 5,400 | 0 |
| 500,000 | 6,400 | 6,400 | 6,400 | 0 |