No major changes were announced in the 2013-14 budget which will impact on most small businesses or individuals. The proposed changes include:
- Increasing the medicare levy from 1 July 2014 to 2%
- Limiting the deductions for self-education to $2000 from 1 July 2014
- Phasing out the medical expenses offset (rebate)
- Reducing the “baby bonus” from 1 March 2014
Please contact me if you have any questions.