If your RI is less than $53,345, you make nil HELP repayments in 2014-2015 financial year. The compulsory Help income threshold will decrease down from $53,345 to $50,638 from July 1, 2016 and repayments will start at 2% of RI.
Repayment income = TI + RFB + RSC + exempt FI + total Net investment losses inc. net rental loss.
http://www.smh.com.au/business/federal-budget/radical-shakeup-to-university-funding-in-budget-will-see-some-fees-soar-20140513-3887c.html
Monday, August 4, 2014
Saturday, August 2, 2014
9.5% Super Guarantee for 3 financial years
The good news is that our employers start paying 9.5% SG as from July 1, 2014. The bad news is that this percentage will be frozen for 3 consecutive financial years.
Friday, August 1, 2014
Temporary Budget Repair Levy of 2%
Temporary Budget Repair Levy of 2% is a three year additional levy which will apply on the part of personal taxable income which exceeds $180,000. Temporary Budget Repair Levy will apply from July 1, 2014 and to the 2014-15, 2015-16 and 2016-17 financial years.
https://www.ato.gov.au/general/new-legislation/in-detail/direct-taxes/income-tax-for-individuals/temporary-budget-repair-levy/
https://www.ato.gov.au/general/new-legislation/in-detail/direct-taxes/income-tax-for-individuals/temporary-budget-repair-levy/
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