The recent Federal Budget has caused quite a stir, leading to several protest rallies in Sydney. So what does the Federal Budget mean for you?
Here is a quick summary of the major changes –
- If you earn over $180,000.00 per annum you will be subjected to the new ‘Budget Repair Levy’ set at 2% of your taxable income in excess of $180,000.00;
- Changes have been made to the income threshold and the indexation rate of government HELP debts, requiring them to be repaid sooner;
- Changes to Medicare subsidies mean we will all pay a $7.00 fee to visit a GP and an increased co-payment fee on prescription medicines;
- Excess after tax superannuation contributions can now be withdrawn without the payment of excess non-concessional contributions tax;
- The Aged Pension will be gradually increased to 70 years of age; and
- Payments of up to $10,000.00 will be available to employers who hire a mature age job-seeker.
For full details on how this year’s budget will affect you, visit www.budget.gov.au/2014-15/content/overview/download/Budget_overview.pdf