As most of you may already be aware, the proposed changes for the federal budget were announced this month.
So what does this mean for for tax clients?
Below is a concise list of details regarding the latest updates in the budget, as given by the NTAA;
1. Changes effective 1 July 2013 (i.e., 2013/14 income year)
1.1 Medicare levy low income thresholds
For 2013/14, the Medicare Levy low income thresholds will be as follows:
• Individuals $20,542 (no increase from 2012/13)
• Families $34,367 (previously $33,693)
The families income threshold (i.e., $34,367) will be increased by $3,156 (previously $3,094) for each
dependent child or student.