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  • Temporary budget repair levy

    From 1 July 2014, the government imposed a temporary budget repair levy.

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

    The levy applies 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 affects excess non-concessional contributions. The tax rate on any excess non-concessional contributions will rise from 47% to 49% and will count towards this cap.

    Unless you choose to withdraw the excess contribution amount from your super, the contribution will also become a non-concessional contribution.

    If this new non-concessional contribution takes you over the non-concessional contributions cap, your contribution could be taxed twice:

    • when it is included in your assessable income and taxed at your marginal rate
    • when it becomes an excess non-concessional contribution.
      Last modified: 08 Aug 2018QC 19749