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Australian Treasurer Presents 2014-15 Budget Overview — Orbitax Tax News & Alerts

On 13 May 2014, the Australian Treasurer presented Australia's 2014-15 Budget Overview. Some of the key changes concerning tax include the following:

  • The corporate tax rate will be cut from 30% to 28.5% beginning July 2015
  • The rates of the refundable and non-refundable offsets of the research and development incentive will be reduced by 1.5% beginning July 2014
  • A three-year levy of 2% will be imposed on individuals earning more than AUD 180,000 per year beginning July 2014 until June 2017
  • The Fringe Benefits Tax rate will be increased from 47% to 49% beginning  April 2015 until March 2017
  • The indexing of the fuel levy, which has been frozen at 38.1 cents per liter since 2001, will move upward in line with inflation beginning August 2014
  • The carbon tax and mineral resource rent tax will be abolished, although no date has been set