Volkan Kaman

Volkan Kaman

Volkan graduated from La Trobe university after obtaining his double degree in Accounting and Economics.  He then went to study for his Honours degree in Economics.


Thursday, 29 May 2014 01:01

Budget 2013/2014

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.