End of Financial Year Update - What's new

Employers

Employers must provide 2014 PAYG Payment Summaries to employees by Monday 14 July 2014.  You must then provide the ATO with the information they need by 14 August.

Taxable Payments

If you are in the building and construction industry your Taxable Payments Annual Report is due on 21 July.

Other Changes

From 1 July 2014, the Superannuation Guarantee rate is increasing from 9.25% to 9.5%. 

The Medicare Levy rate is also increasing from 1.5 to 2% of taxable income.

Superannuation Contributions

The concessional contributions limits from 1 July 2014 are as follows:

Age < 50 years                  $30,000

Age 50 < 60 years            $35,000

60 years and over             $35,000

The Non-Concessional Contribution Cap from 1 July is $180,000 or $540,000 under the 3 year bring forward rule.

Reduction of Company Tax Rate

A reduction in the company tax rate of 1.5% will take effect from July 2015.

Temporary Tax Repair Levy

A Temporary Tax Repair (Debt) Levy of 2% on the highest marginal income rate will apply for the next 3 income tax years to taxpayers on incomes above $180,000.

Fringe Benefits Tax

The rate for calculating fringe benefits tax will increase to 49% from the current 47% from 1 April 2015 until 31 March 2017.