What's new and what's coming?

26 Jun 15

Temporary Budget Repair Levy

The Temporary Budget Repair Levy is an additional 2% levy that is applied to the portion of an individual's income that exceeds $180,000

Resident and Non-Resident Individuals

Individuals with a taxable income of $180,000 or less . will not pay the levy except where their income or part thereof, is subject to another tax rate based on the top personal marginal tax rate, or involves a calculation utilising the top personal rate.


The tax rate that applies to the unearned income of minors, has increased by 2% where:
- Elegible taxable income of a resident taxpayer exceeds $416 but does not exceed $180,000
- Elegible taxable income of a non-resident taxpayer does not exceed $180,000
- The taxpayer's income exceeds $180,000 and will only pay the additional 2% from $417 for residents and $0 for non-residents

Medicare Levy

From 1 July 2014, the Medicare Levy has increased from 1.5% to 2%

Farm Household Allowance

The Farm Household Allowance (FHA) will provide up to three years of income support, paid fortnightly, to eligible farmers and their partners when they are in hardship


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