The Medicare levy rises from 1.5% to 2%
The new "Deficit Levy" (tax on high income earners) applies to taxable income in excess of $180,000.
Tax rates for the 2014/15 income year are as follows:
Taxable Income |
Taxable Payable |
0 – 18,200 |
Nil |
18,201 – 37,000 |
Nil + 19% of excess over |
37,001 – 80,000 |
$3,572 + 32.5% of excess |
80,001 – 180,000 |
$17,547 + 37% of excess |
180,001+ |
$54,547 + 47% of excess |
The above rates do not include the Medicare levy of 2% which applies from 1 July 2014.
The compulsory employer paid super contribution rises from 9.25% to 9.5%.
The general concessional contributions cap rises from $25,000 to $30,000. For individuals aged 49 or over on 30 June 2014, the concessional contributions cap is $35,000.
The non-concessional cap is increased .from $150,000 to $180,000. That means the 3-year bring forward increases from $450,000 to $540,000.
Not yet enacted, but the government is proposing to abolish nearly all of the dependant tax offsets, including the spouse offset.