MLC: 2013 Federal Budget Analysis

14 May 2013

The 2013 Federal Budget only contained a few surprises as many of the measures had already been announced.

Note: These measures are proposals only and may or may not be made law.

Summary

• The Medicare levy will increase by 0.5% to 2% pa from 1 July 2014.
• The $5,000 Baby Bonus will be removed from 1 March 2014. Instead, families eligible for Family Tax
• Benefit (Part A) will receive $2,000 following the birth of their first child, and $1,000 for each subsequent child.
• The superannuation concessional contribution cap will increase from $25,000 pa to $35,000 pa from:

             - 1 July 2013 for people 60 and over, and
             - 1 July 2014 for people 50 and over.

• From 1 July 2014, all pension asset earnings above $100,000 will be taxed at 15%.

Please click here to read more of the report