How the budget will affect you

• Budget Repair Levy of 2% will be imposed on individuals' taxable income in excess of $180,000 pa, from 1 July 2014 until 30 June 2017.

• The dependent spouse tax offset and the mature age worker tax offset will be abolished from 1 July 2014.

• The Medicare levy low-income threshold for families will be increased from the 2013/14 income year.

• The First Home Saver Accounts scheme will be abolished from 1 July 2015.

• The income threshold at which students commence repayment of their Higher Education Loan Programme (HELP) debts will be reduced with effect from 1 July 2016. In addition, indexation of HELP debts will be aligned to the yield on 10-year government bonds (up to a 6% maximum) instead of CPI from 1 June 2016.

Reforms to the pension system will be introduced including increasing the qualifying age for the Age Pension to 70 by 1 July 2035.

• The eligibility age for the Newstart Allowance and Sickness Allowance will increase from 22 to 24 years from 1 January 2015.

Family Tax Benefit (FTB) reforms will be introduced, including reducing the FTB Part B primary earner income limit to $100,000 pa and introducing a new $750 allowance for single parents on the maximum FTB Part A rate, but who will no longer be eligible to receive FTB Part B payments. These measures largely commence on 1 July 2015, with some transitional arrangements.

Medicare and Patient Contribution changes will be made relating to patient contributions for doctor visits, indexation of fees and thresholds, and Medicare safety net arrangements. 

Contact details

Suite 401 29-31 Solent Circuit
Norwest Business Park
Baulkham Hills, NSW 2153 Australia
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P: (02) 9899 3044
F: (02) 9899 1524

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