On the 13 May 2014, Treasurer Joe Hockey delivered his first Federal Budget which he foreshadowed to be a "budget repair job" to deal with this Country's declining revenue collections and increasing expenditure.
Some key points:
1. Superannuation: Delaying of the implementation phase by 3 years of the Superannuation Guarantee increases. This means 2014/15 will increase to 9.5% and remain at that rate for 2015/16, 2016/17 and 2017 /18. The SG rate will then increase 0.5% each year until it eventually reaches 12% by 2022.
2. The Age Pension will increase to age 70 by year 2035. This means the aged pension will remain at 65 for anyone born before July 1952. If you were born after this date your retirement planning will be affected.
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3. Paid Parental Scheme
4. Reducing the Company Tax Rate from 30% to 28.5%