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

For any excess superannuation contributions made after 1 July 2013 breaching the non-concessional cap, the government will allow individuals to withdraw those excess contributions and associated earnings. If an individual chooses this option, no excess contributions tax will be payable and any related earnings will be taxed at the individual's marginal tax rate. Individuals who leave their excess contributions in the fund will continue to be taxed on these contributions at the top marginal rate.