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  • Temporary budget repair levy

    Between 1 July 2014 and 30 June 2017, the government imposed a temporary budget repair levy.

    If your taxable income was over $180,000 for the relevant income year, you pay a 2% levy on the part of your taxable income above $180,000.

    The levy applied to 2014–15, 2015–16, and 2016–17.

    Excess concessional contributions will be included in your taxable income and taxed at your marginal rate, including the rate of the new levy.

    The levy also affected excess non-concessional contributions tax. The tax rate on any excess non-concessional contributions increased from 47% to 49% for the relevant income years.

      Last modified: 17 May 2019QC 19749