Federal Budget 2014

The treasurer Mr Joe Hockey has delivered his first federal budget to the Australian people last night.

From a taxation point of view, the Budget was relatively light on with relatively few tax measures announced. It is important to note that the Treasurer has indicated that the Government's proposed Tax Reform White Paper is meant to address a wide range of potential reforms. We will continue to monitor any Government proposals and keep you informed.

There was a significant range of welfare benefit changes and other projected savings aimed at deficit reduction. In addition to the savings measures, there was some planned infrastructure spending and Medicare reforms.

Of course all of the announced budget measures are subject to the political process. The reforms will need to pass through the senate to be enacted and we will have to wait and see what impact this will have to last nights announced budget. There are a number of previously announced budget proposals yet to be enacted - you will find a good summary of these within the attached summary.

The attached overview provides detail on the main points announced and should you have any questions please do not hesitate to contact our office.

Speak to you soon.

Trent

Federal Budget Tax Bulletin 2014

An outline of the major revenue-related announcements is attached.
Please click here to read more.
                      
Liability limited by a Scheme approved under Professional Standards Legislation

DISCLAIMER: This is an initiative of, and has been prepared by the Aitken Signor Chartered Accountants and the Institute of Chartered Accountants in Australia. While every effort has been made to ensure the accuracy of the information contained therein, neither Aitken Signor, the Institute nor our employees shall be liable on any grounds whatsoever in respect of decisions or actions taken as a result of using this publication. The information provided is a general guide only and should not be used, relied on or treated as a substitute for specific professional advice or referral to the relevant specific standard.
The information in this email is confidential to the named addressee and subject to copyright. No one else may read, print, store, copy, forward or act in reliance on all or any of this email or its attachments. If you are not he intended recipient, any use, reliance upon, disclosure or copying of this email is prohibited and unlawful. If you have received this email in error please notify the sender. Aitken Signor and The Institute of Chartered Accountants in Australia do not warrant that this email and any attachments are error or virus free and recommends that all attachments be checked for computer viruses.
Temporary Deficit Tax

2% levy will apply for incomes over $180,000 from 1 July 2014.

Option to Withdraw excess non-concessional contributions

Individuals allowed the option of withdrawing excess non-concessional contributions from 1 July 2013 and taxed at their marginal rate.

Super Guarantee rate of 9.5% from 1 July 2014

The SG rate will increase on 1 July 2014 as originally proposed.

Age Pension age to increase to 70 by 2035

People born before 1 July 1958 will not be affected by this measure.

Contact us...

Office Location
Level 1, 12 Waters Road,
Neutral Bay NSW 2089,
Australia

Phone: (02) 8969 8660
Fax: (02) 8969 8650
Email: info@signorca.com.au

...or make an appointment

If you would like to meet with one of our team to discuss your financial needs, please feel free to book an appointment with us.

Book your appointment