Budget 2014/15 Snapshot

On  13 May 2014, the Treasurer handed down the 2014-15  Federal Budget. Below are some of the measures of immediate relevance:

 

INDIVIDUALS AND FAMILIES

1. From 1 July 2015, you will have to pay a $7 “patient contribution” fee each time you visit your GP.
2. People who earn more than $180,000 a year are going to pay the 2% debt levy for the next three years, starting 1 July 2014.
3. Pension age to be increased to 70 by 1 July 2035.
4. From 1 July next year $5 prescription fee will apply to any prescription subsidised by the government’s Pharmaceutical Benefits Scheme.

 

 

BUSINESS  

1. The government will introduce a wage subsidy of $10,000 over 2 years from July to encourage businesses to hire people over 50.
2. Company tax rate to be cut by 1.5% to 28.5% from 1 July 2015.

 

BY SURESH RAJANI

Suresh Rajani is the Business Leader at TAX FIRST  

 www.taxfirst.com.au