In June 2014, several measures announced in the federal Budget were introduced to parliament. Legislation that became effective 1 July 2014 includes:
- The temporary Budget Repair Levy is payable at a rate of 2% of each dollar of a taxpayer’s annual taxable income over $180,000. This is payable from 1 July 2014 to 30 June 2017
- Medicare Levy increases from 1.5% to 2%
- Superannuation guarantee increases from 9.25% to 9.5%
- New entrants to residential aged care facilities from 1 July 2014 are subject to new rules for accommodation payments and ongoing fees.
- Super funds are prohibited from taking out new insurance policies that so not align with SIS conditions of release.
- The FBT rate will increase by 2% to 49% from 1 April 2015 to 31 March 2017.