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.