- An increase in the Medicare levy from 1 July 2014, from 1.5% of taxable income to 2%;
- Capping of tax deductions for self- education expenses at $2,000;
- Abolishing of the $5,000 Baby Bonus (now absorbed in family tax benefits);
- Changes to Business Tax concessions and a clampdown on tax minimization by multi-nationals;
- Medical expenses tax offset abolished;
- All large entities ($20 million and over) to move to monthly PAYG installments;
- $18 billion Budget deficit.
For detailed information on the key announcements of the 2013/2014 Federal Budget, please see our Budget edition of Words of Wisdom. If you did not receive a copy via email, we may not have your current email address.
Please contact your account manager with your current contact information