Federal Budget 2014 – The Good News & the Bad News

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July 8, 2016
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July 8, 2016

There is a small relief for the companies in last night’s budget; Treasurer Joe Hockey has announced the cut in the company tax rate from 30% to 28.5% from 1 July 2015.

However it wasn’t all that good news for the tax payers –

Taxpayers earning over $180,000.00 will be subject to a 2% temporary budget repair levy for the next 3 years form 2014-2017.

There will be a $7.00 fee for going to a doctor.

Mature Age Worker Tax Offset (MAWTO) & Dependent Spouse Tax Offset (DSTO) will be abolished for all taxpayers from 1 July 2014.

Petrol prices will go up.

Students might have to fund a higher proportion of their education.

Medicare Levy will increase to 2% from July 2014.

Superannuation guarantee rate to increase to 9.5% from July 2014.

First Home Saver Accounts scheme to be ceased from July 2014.

Contact us today on 1300 300 106 for further information about our Cranbourne Accountant and Cranbourne Tax Agent Services to find out how this budget affects you.