- The Superannuation Guarantee Employer Contributions will increase from 9.25% to 9.5% from 1st July.
- As announced in the recent federal budget, the temporary budget repair levy will apply from 1 July 2014 and will apply for 3 financial years. The levy will be imposed on those individuals where their taxable income is over $180,000. The levy will be 2% and will apply to the amount in excess of $180,000. For example, a taxpayer with taxable income of $200,000 will pay 2% of $20,000, totalling $400.
- The Medicare Levy increases from 1.5% to 2.0% from 1st July
E-Payoffice will make all the above changes to our client’s files automatically.