Some aspects of the government’s budget have passed through the Senate and are now law, such as:
- For high income earners, the top marginal tax rate, which now includes the ‘deficit repair levy’, is 49%.
- The government has undertaken to review the imposition of the ‘deficit repair levy’ on 30 June 2017.
- From 1 April 2015, the fringe benefit tax will increase to 49%.
Superannuation contribution rate for 2014/15 is 9.5%.