Tax Laws Amendment (Temporary Budget Repair Levy) Act 2014 (48 of 2014)

Schedule 3   Amendment of the Taxation Administration Regulations 1976

2   After regulation 2

Insert:

2A - Temporary budget repair levy

(1) This regulation applies to the temporary budget repair levy years.

Increase in highest rate

(2) These regulations have effect as if the highest rate specified in each of the following was increased by 2 percentage points:

(a) the table in Part I of Schedule 7 to the Income Tax Rates Act 1986;

(b) the table in Part II of that Schedule.

(3) In this regulation:

temporary budget repair levy year has the same meaning as in section 4-11 of the Income Tax (Transitional Provisions) Act 1997.