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

• Withdrawal options for excess contributions to be extended to non-concessional contributions. Individuals will be given the option of withdrawing superannuation contributions in excess of the non-concessional contributions cap made from 1 July 2013 and any associated earnings, with these earnings to be taxed at the individual's marginal tax rate.

• Rescheduling of the superannuation guarantee rate increase to 12% will be changed with the rate to increase to 9.5% on 1 July 2014.