Budget 2014 Newsletter
           
           

After two week's reflection how does the Budget affect Businesses, SMSFs and superannuation?

 

None of the items contained within the budget will become law until the budget is passed by the House of Representatives and the Senate, and signed by the Executive Council.

 

On the positive side the Budget does solve the problem of excess non-concessional contributions.

While on the negative side the Budget will pause the SG rate at 9.5% for three years and will tighten the access conditions and future growth of the age pension.

 

Additionally, the effect of the Deficit Levy carries over to the tax rates relating to excess non-concessional contributions, non-complying funds and non-arm's length income of complying funds.

 

Significantly, the Budget does not alter the superannuation preservation age or otherwise restrict access to superannuation benefits. Changes to the preservation age and access to super benefits are, apparently, being considered by the Government.

 


                 
Featured Articles This Month

Excess non-concessional contributions problem solved

Flow on effect of the deficit levy

The Superannuation Guarantee Rate

Increasing the Age Pension Age

Centrelink Income Test - Aged Pension

Indexation of the Age Pension

Seniors Health Card


Key Budget Outcomes - 2014/15

Tax Changes from 1st July 2014

Taxation

Issues for Small Businesses and Primary Producers

New Government Grants

Apprentices

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Kind Regards

The Team
Mark Trovato Chartered Accountants

www.marktrovato.com.au