May 2014 Budget Edition

In this edition:

Welcome

INDIVIDUALS AND FAMILIES

- Budget Repair Levy

- Age pension reforms

- Family Tax Benefit reforms

- Medicare and patient contribution          changes

COMPANIES & BUSINESSES

SUPERANNUATION

- Superannuation Excess Contributions    Tax

- Rescheduling increase in                          superannuation guarantee

 FUEL, OIL & MINING

• The rates of the refundable and non-refundable offsets for the R&D Tax Incentive will be reduced by 1.5 percentage points.

• The company tax rate will be reduced by 1.5% to 28.5% from 1 July 2015. For companies earning more than $5,000,000 in taxable income, this reduction will be offset by the 1.5% levy to fund the paid parental leave scheme which also commences from 1 July 2015.



• The Government will introduce a new wage subsidy, Restart, to encourage businesses to employ Australians who are aged 50 and over and have been on income support for at least six months. Employers may receive up to $10,000 over 24 months in Government assistance.