2016/17 EOFY Alert: Temporary Budget Repair Levy
A reminder that the 2016/2017 income year is the final year of the Temporary Budget Repair Levy, which is an additional 2% on top of the top marginal rate for individuals with taxable income over $180,000. From 1 July 2017, the highest marginal rate of taxation is 47% (being the 45% marginal rate plus 2% Medicare levy). This also applies for Fringe Benefits Tax. Good to know for tax planning.