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2014 Federal Budget Summary

The message in the lead up to the 2014 Federal budget was the days of entitlements were over and everyone is required to contribute to repairing the deficit. A 2014 Federal budget summary outlining some of the key changes impacting individuals, families and businesses is below.


A temporary levy of 2% will apply to incomes about $180,000...
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Division 293 – Additional tax for high income earners.

The ATO has announced that it will begin issuing notice of assessments for Division 293 tax for the 2012-13 year in early February 2014. The due date for payment of this tax will generally be 21 days after the issue date of the notice of assessment.What is Division 293 tax?The Division 293 tax was announced...
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