Tax Changes from 1st July 2014
Fringe Benefit Tax
July 8, 2016
Luxury Car Tax
July 8, 2016
Tax Changes from 1st July 2014
• From 1st July 2014, taxpayers earning more than $180,000 and over will be taxed on additional 2% temporary budget repair levy.
• Dependent spouse and mature age worker tax offsets will be ceased.
• Taxpayers won’t be able to claim the net medical expenses offset anymore unless you had a claim in 2013 FY.
Superannuation
Superannuation rates will increase from 9.25% to 9.5% and it will remain 9.5% until 2018.
Depreciation Assets
Under the current law, small businesses can claim an immediate tax deduction for individual assets costing less than $6500 excluding GST. The Government has proposed Mining Tax Repeal Bill that reduces instant asset write-off from $6500 to $1,000 for individual assets purchased or installed after 1st January 2014.
Medicare Levy
The Medicare levy for individual taxpayer will increase from 1.5% to 2%. Also, no change to Medicare levy surcharge has been made. Surcharge applies to taxpayer who does not have adequate health insurance.
Contact us today on 1300 300 106 for further information about our Cranbourne Accountant and Cranbourne Tax Agent Services.
