6Temporary budget repair levy

6 Temporary budget repair levy

(1) This section applies to the temporary budget repair levy years. (2) Increase the percentage mentioned in section 5 by 2 percentage points. Increase limited if certain contributions already taxed (3) However, do not increase the percentage in relation to a person to the extent the increase would result in the sum of the following amounts payable on the person’s excess concessional contributions for a temporary budget repair levy year exceeding 95% of those excess concessional contributions: (a) income tax; (b) excess non‑concessional contributions tax. Definitions (4) In this section:

excess concessional contributions has the same meaning as in the Income Tax Assessment Act 1997.

income tax has the same meaning as in the Income Tax Assessment Act 1997.

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