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New Budget - What do you need to know

-Tax Rates for individuals will remain the same for 2014-2015 unless you are earning above 180k then the new temporary 2 % will kick in until 2017.

-Medicare levy increases from 1.5% to 2% as of 1st July 2014.

-FBT Rate increased to 49% until the new FBT year.

-Pension age will increase by 6 months every 2 years until it adjust to the new qualified age of 70 therefore this applicable to anyone of the age of 48 or less in 2014.

-No changes in business tax as yet

-No changes in the GST % as yet

-No changes in FBT Caps as yet

-Small Business write off still applies until further notice

-Super compulsory contribution is now 9.5%

-First home Saving account scheme is no longer avaliable

The above is a summary and highlights some of the factual changes that took place this financial year. Bendigo Accounting and Finance does not give direct tax advice but can do through its partners. Please ask us for more information

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