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The 2013-14 Budget... Simplified

Friday, 17 May 2013    Federal Budget

Medicare Levy: The Government will increase the Medicare Levy by half a percentage point from 1.5% to 2% to provide funding for Disability Care Australia. The current exemptions from the Medicare levy will remain in place. This measure will apply from 1 July 2014.

Reforms to work-related self education expenses : The Government will place an annual cap of $2000 on work related self education expense deductions. These include the costs incurred in undertaking a course of study or other education such as conferences, tuition fees, textbooks, professional journals, computer expenses and stationery where these expenses are incurred in the production of the taxpayer's current assessable income.

Family Payments and other assistance : The Baby Bonus will be reformed by increasing payments by $2000 through Family Tax Benefit Part A in the year following the birth or adoption of the first child and $1000 for the second or subsequent children. This measure will apply from 1 March 2014.

Superannuation: From 1 July 2014, future earnings on assets supporting income streams will be tax-free up to $100,000 a year for each individual. Earnings above the $100,000 threshold will be taxed at the same concessional rate of 15% that applies to earnings in the accumulation phase. Under this measure, the $100,000 threshold will be indexed to the CPI and will increase in $10000 increments

If you would like to read more about the Budget Summary, click here