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Infrastructure spending

The indexation of fuel excise is being spent on a wide array of infrastructure projects. Read more…

Government

Reducing the size of Government

In addition to freezing wages, the Government has put in place a wide reaching program to reduce the size of Government over the next four years.

A number of changes are also scheduled to complete by 1 July 2015. These include: Read more…

Education

Universities able to set their own fees

The cost of tertiary education will go up with Universities and other educational providers able to provide their own fee structure (or 'contribution' structure as they call it).

The current caps on student contributions that higher education providers are able to charge will be removed from 1 January 2016 for students who accept an offer to commence a course from 14 May 2014. Read more…

Access to social services tightened

Anyone accessing Government support and assistance is likely to feel the impact of the Budget's tightening of access and eligibility.

In addition, eligibility thresholds themselves will be frozen saving the Government $1.5bn over 4 years. Eligibility thresholds for non-pension payments will be maintained for 3 years from 1 July 2014. Major non-pension payments include Family Tax Benefit, Child Care Benefit, Child Care Rebate, Newstart Allowance, Parenting Payments and Youth Allowance.  Read more…

Health

$7 fee for going to the doctor

A patient contribution of $7 will apply for visiting a doctor.

Concession card holders and children under 16 will not pay the fee until they reach 10 visits in a year.

$5 of the $7 fee for will go into the Medical Research Future Fund (see below). The fund will provide an ongoing funding stream for medical research.  Read more…

Superannuation (Budget)

Super Guarantee rate increase rephasing

Some clarity at last on what is happening with the superannuation guarantee (SG) rate. The previous Government introduced changes to the superannuation guarantee rate to bring it up to 12% by 1 July 2019 funded by the mining tax (Minerals Resource Rent Tax). The current Government then sought to slow down the increase when it tried to repeal the mining tax. But, the repeal of the mining tax is stuck in the Senate leaving everyone in limbo about the Government's intentions for the SG rate.
Read more…

Business

The good news for business is that the decrease in the company tax rate from 1 July 2015 is safe for now. The bad news is that there are a series of other costs to contend with.
Read more…

Individuals - contributing more than ever

For high income earners, the Budget announcements will mean that you are 'contributing', as the Treasurer says, more than ever.

Don't forget that for most taxpayers, your effective tax rate will increase from 1 July 2014 regardless of the Budget with the increase in the Medicare levy to 2%. The increase was introduced to help pay for the National Disability Support Scheme. One side effect of the increase to the Medicare Levy is an increase in the rate of Fringe Benefits Tax from 46.5% to 47% from 1 April 2014.
Read more…
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