Increase in the Medicare Levy
By now, most of you will be aware of the government’s decision to increase the Medicare levy by 0.5% to fund Australia’s DisabilityCare program.
From July 1, 2014, the Medicare levy will increase from 1.5% to 2% of taxable income. What many people may not realise however is that the Medicare levy increase will cause a number of other tax rates to increase by 0.5% as well. These include taxation rates involving issues as diverse as fringe benefits tax, employee share schemes and even first home saver accounts.
A summary of the key tax rates that are linked and will be affected by the increase in the Medicare levy set out below:
FBT
Withholding for TFN or ABN not quoted 47%
Trusts Tax
Employee Share Schemes Withholding 47%
First Home Savers Accounts Misuse Tax 47%
Super excess contributions tax
Super excess Non concessional contributions tax 47%
Super excess untaxed rollover amounts tax 47%
Interested in joining our team? Why not apply today?
About Our Traineeships:-
Join the Market Leader in 2016 – Accounting Traineeships
Looking to study a B.Com at University of Newcastle in 2016?
Bottrell Business Consultants are a Multi Award Winning Firm
We have 2016 Traineeships available – work 3 days Study part-time 2 days
Apply now to Tara Skippen on tara@bottrellaccounting.com.au – send resume & cover letter
www.bottrellaccounting.com.au or check us out on Facebook, Twitter, Instagram or LinkedIn
Offices – East Maitland | Newcastle | Sydney | Melbourne | Brisbane | Gold Coast
Bottrell Business Consultants Pty Ltd – Chartered Accountants and Business Advisors.
The Bottrell group incorporates Bottrell Business Consultants, Bottrell Accounting & Taxation, Maitland Accounting & Taxation, East Maitland Accounting Services and Mobile Bookkeeping & Recruitment.
Our group of businesses & links include the following companies (& our websites);-
- Bottrell Accounting & Taxation – Visit out website
- Bottrel Business Consultants Pty Ltd – Visit our website
- Maitland Accounting & Taxation – Visit our website
- East Maitland Accounting Services – Visit our website
- Mobile Bookkeeping & Recruitment – Visit our website
Comments are closed.