Aaaaaand we’re good for another year. Speculation and predictions of what the Treasurer’s 2014 Federal Budget speech would contain for the 2014-2015 financial year have now be put to rest. We have our answers.
The Budget, released last night, has confirmed a budget deficit levy (tax) of 2% will apply for 3 years from 1 July 2014 for incomes over $180,000. But wait, there’s so, SO much more! Download your free copy of the full Thomson Reuters Weekly Tax Bulletin 2014 Federal Budget Report for all our expert tax writers analysis on all elements of the Federal Budget, and what these mean, how they will impact you.
A sneak peak on some of the Budget results the report covers…
- The Fringe Benefit Tax (FBT) rate will increase from 47% to 49% from 1 April 2015 until 31 March 2017 to align with FBT income year
- The Budget confirmed the Treasurer’s earlier announcement that the Government would raise Age Pension age to 70 by 2035
- You now have the option to withdraw excess non-concessional super contributions. Final details to be settled following consultation
- Rates of refundable and non-refundable R&D tax offsets will be reduced by 1.5 percentage points with effect from 1 July 2014
- Government will abolish nearly all dependent tax offsets, including the dependent spouse tax offset for all taxpayers from 1 July 2014
- Budget deficit levy (tax) of 2% to apply for 3 years from 1 July 2014 for incomes over $180,000
Complete the form below to access the free 2014-2015 Federal Budget Report now.