The Lowdown on the 2014 Federal Budget – brought to you by Cooper & Associates Accountants 1. 2% levy on incomes over $180k from 1 July 2014 until 30 June 2017 2. Abolition of the Dependent Spouse Tax Offset and the Mature Age Worker Tax Offset from 1 July 2014 3. Medicare Levy low income threshold increases to $34,367 + $3,156 for each dependent child or student 4. First Home Saver Accounts scheme abolished from 1 July 2016 - citing lack of interest 5. HECS debt income level for repayment reduced to $50k (approx) from 1 July 2016 with minimum repayment of 2% of income (down from 4%) 6. By 1 July 2035 the qualifying pension age will rise to 70 years for people born on or after 1 July 1966 7. Family Tax Benefits Part B primary income earner threshold reduces to $100k (down from $150k) from 1 July 2015. 8. Single Parents on the maximum FTB Part A payment to receive an allowance of $750 per child from 6 to 12 years of age 9. Patient contributions of $7 per service to be introduced into the Medicare system. Concession Cardholders and children under 16 will be capped at $70 per annum 10. Excess superannuation contributions (plus earnings on the excess contributions) made after 1 July 2013 can be withdrawn by the individual and taxed at his or her marginal tax rate. Excess superannuation contributions left in the superannuation fund will be taxed at the highest marginal tax rate 11. Superannuation Guarantee rate rises to 9.5% (up from 9.25%) from 1 July 2014 until 30 June 2018, eventually rising to 12% 12. Indexation of fuel excise to CPI will be re-commenced from 1 August 2014 Follow this link to read the 2014-15 Federal Budget Papers: budget.gov.au/2014-15/index.htm
Posted on: Wed, 14 May 2014 23:49:17 +0000
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