In one of the more highly anticipated Federal Budgets, the Government announced major changes that are likely to touch almost everyone in the community.
Key proposals include:
- A Temporary Budget Repair Levy of 2% will be payable on taxable incomes over $180,000 pa for the next three financial years.
- Changes to Higher Education HELP debts will increase the amount payable, and payments may need to be made at lower income levels.
- The Dependent Spouse and Mature Age Worker Tax Offsets will be abolished from 1 July 2014.
- People who make Non-Concessional (after-tax) superannuation contributions from 1 July 2013 that exceed the cap will have the option to withdraw the excess amount plus earnings on the excess.
- The timeframe for increasing the Superannuation Guarantee contribution rate to 12% will be amended.
- The Age Pension age will gradually increase to 70.
- A range of changes to Family Tax Benefit – Part A and B will reduce the number of people who are eligible and, for some, lower the entitlements.
- The Commonwealth Seniors Health Card thresholds will be indexed from 20 September 2014 and the definition of income will be expanded.
Read and view Godfrey Pembroke’s analysis below and find out what the 2014 Federal Budget means for you:
View the 2014 Federal Budget Analysis with Peter Hogan (Senior Technical Manager, MLC)
If you’d like to discuss anything in this year’s Federal Budget please contact us here.
Download the Federal Govt 2014 Budget – Higher Education Overview
Download the Federal Govt 2014 Budget – Social Services Overview
In-depth – Strategy & Outlook
Download the Federal Govt 2014 Budget Strategy & Outlook (Budget Paper 1) from the link below: