The Federal Budget handed down on Tuesday evening of May 13 seemed to re-emphasis Treasurer Joe Hockey’s narrative pursued in the lead-up to budget night – that tough decisions would have to be made, and that due to the state of the economy we would all be expected to do some of the “heavy lifting”.
The major tax announcement was the introduction of a debt reduction tax on incomes over $180,000, although given the forecast contribution to reduce the nation’s debt it was surprising that the government was willing to risk an unfavorable electoral response. Many of the announcements also backed up the government’s claim that the “age of entitlement” is over.
There are many other budget initiatives that will have relevance to a wide variety of our clients, depending on your circumstances. As always, please feel free to talk to our office for further details and information.
Click to download De Luca Partners Newsletter- Federal Budget: 2014-2015
Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.