Single Touch Payroll (STP), is an Australian Government initiative to reduce employers' reporting burdens to…
In one of the more highly anticipated Federal Budgets, the Government announced major changes that could warrant a review of your financial plans. Click here to see what the federal budget impact on families will be.
Note: the changes are proposals only and may not be made law.
- 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 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) super 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.