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%.

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Tax scams start phishing earlyWith tax time underway the ATO are seeing an increase in reports of email scams that try to steal personal information. Scammers pretending to be from the ‘myGov customer care team’ are sending emails that...
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