Tax Update

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%.