May 23, 2013

Recent Budget Announcements

  • The Medicare levy will increase by 0.5% to 2% pay from 01/07/14.
  • The $5,000 Baby Bonus will be removed from 01/03/14. Instead, families eligible for Family Tax Benefit (Part A) will receive $2,000 following the birth of their first child, and $1,000 for each subsequent child.
  • From 01/07/14, all pension asset earnings above $100,000 will be treated as income and taxed at 15%.

The Government has also confirmed that:

  • The superannuation concessional contribution cap will increase from $25,000 pa to $35,000 pa from :
  • 1 July 2013 for people 60 and over, and
  • 1 July 2014 for people 50 and over.

The key takeout of this budget is that many of the announcements are unlikely to be legislated prior to September’s election, and therefore significant uncertainty remains as to whether many of the announcements will ever become law.

If you have any questions about the above announcements and how they may affect you please do not hesitate to contact our office on 9388 2532 or

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