The Treasurer recently changed his outlook on the future and went from being perhaps overly optimistic about the collection of future revenues to taking a more subdued position. This change in his happiness levels is going to bring about the following changes for you:
Tax – Standard Deductions – Simpler tax affairs for you at tax time. After the govt announced that it will be introducing the ‘Standard Tax Deduction’ of $500 from the 2013 tax year because it wants to help us simplify our lives, well this has been postponed until the 2014 tax year (and has potential to be continually postponed/watered down).
Tax – Be taxed less on your interest income. The govt was going to allow a 50% reduction in tax paid on interest you earned from the bank, not at the moment though, this also has been deferred to the 2014 tax year.
Super – Remember when the govt contributed $1.50 towards your super for every $1 you contributed? It was only a couple of years ago, then it was dropped to $1 for $1 matching, but now this is going down again to 50 cents for each dollar you put in. This comes in for the 2013 tax year and not 2014 like the others for some reason.
Sources – Dont believe it? Here it is … Treasurers Press Release # 148 and Assistant Treasurers Press Release # 160
