see below mate
It effects you all.
We will all be paying more tax (effective from 1 July 2014) - I don't particular like the idea of paying more tax but bottom line is we need to
Tax Free Threshold frozen at 18,200 was to be changed to $19,401
Hopefully it will only be temporary - but how else are we to extinguish an underlying projected 60b cash deficit hanging over our heads over 4 years?
At least now we will be provided with a tax receipt effective from 1 July 2014 (so 2015 income year) which will summaries where and how our taxes have been applied - interesting that one (wonder what the admin costs for that will be?)
Salary sacrificing just went out the window with FBT rate to be increased to just under 50% effective from 1 April 2015
The Government confirmed that it was committed to cutting the company tax rate by 1.5 percentage points
(to 28.5%) from 1 July 2015. For large companies, the reduction will offset the cost of the Government's
1.5% Paid Parental Leave levy.
Medicare levy surcharge and private health insurance offset thresholds to be frozen.
Most dependant offsets to be abolished.
Super guarantee rate to go to 9.5% on 1 July 2014.
Option to be given to withdraw excess non-concessional superannuation contributions.
ATO staff reductions to be brought forward (with more quality staff retained I hope)
Family Tax Benefit changes: 2-year freeze on rates; other changes.
Fuel excise indexation to recommence.
Overall, I think that this budget is pretty fair.
It was no surprise that tougher measure had to be introduced.
Its a plan to get Australia back in the black and I am all for that.
Few things that concern me is the fact that the Carbon Tax and Mining Resources tax have yet to be repealed - the Govt needs to clarify new dates that it will take effect as it is now going stale and leaving other associated measures in limbo.
sorry couldn't resist it
