The Budget papers contain further developments in relation to various tax and superannuation measures that have been announced by former governments but not yet legislated. These are set out under the headings below. Exempt income of charities: no change The previous Government announced in the 2011-12 Budget that the tax concessions provided to charities and…
From the 2013-14 income year, the Medicare levy low-income thresholds for families will be increased to $34,367 (up from $33,693 for 2012-13). The additional amount of threshold for each dependent child or student will also be increased to $3,156 for 2013-14 (up from $3,094). Note that the Medicare levy low-income threshold for individuals will remain…
As foreshadowed before the Budget, the Government announced the introduction of a Budget deficit levy (tax), to apply for 3 years commencing on 1 July 2014. It is formally known as the Temporary Budget Repair Levy. The temporary levy will apply at 2% for incomes over id=”mce_marker”80,000 ie 2% on taxable income in excess of id=”mce_marker”80,000. Individuals…
M o r g a n’ s T a x M o n t h – May 2014 Developments – This is a collection of developments in Australian tax law and practice that occurred in May 2014 and which aims at being of relevance to tax lawyers.* F John Morgan A member of the Victorian…