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Key announcements 2013/2014 Federal Budget

Key announcements 2013/2014 Federal Budget
  • 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.

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