The Federal Budget handed down on Tuesday evening of May 14 could be described as anti-climactic for many reasons. It was both careful, in that it was devoid of any attempt at genuine reform to the overall tax system, and at the same time having a very real impact for some in the community.
The elimination of the Baby Bonus, for example, will be keenly felt by certain taxpayers. This is to be replaced by a greatly reduced payment only available to those qualifying for the Family Tax Benefit Part A. And the phasing out of the Net Medical Expense Offset could equally have a significant impact on many Australians.
Some savings measures have been reserved for the business sector as well, and the pre-budget announcements on superannuation taxation have been confirmed, as well as a deferral of the tax cuts due for the 2015-16 year which were to be funded from carbon price revenue.
There are many other budget initiatives that will have relevance to a wide variety of our clients, depending on your circumstances. As always, please feel free to talk to our office for further details and information.
Should you require more information regarding any topic touched upon in this newsletter, please feel free to contact MBS to discuss the details.
Disclaimer & Copyright: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information. The Copyright is owned exclusively by Taxpayers Australia Inc (ABN 96 075 950 284)