Medicare logo 2015

Medicare Levy and Wage Changes for 2014/2015

Those employees earning a contracted wage, inclusive of superannuation, will find that their take-home pay is reduced from 1 July 2014.

This is because the medicare levy has gone up from 1.5% to 2.0%, which is to pay for the National Disability Insurance Scheme. The Superannuation Guarantee has also gone up from 9.25% to 9.5%.

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Medical deductions

Net medical expenses tax offset 2014 changes

The government has committed to phasing out this offset over a number of years.

A summary of the changes is as follows:

  • For the 2013/2014 financial year, the offset can only be claimed if you claimed the offset in the 2012/2013 financial year.
  • For the 2014/2015 financial year, the offset can only be claimed if you claimed the offset in the 2013/2014 financial year.
  • The 2014/2015 financial year is the final year that the offset can be claimed.

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Sage Handisoft – New Point & Claim App

Sage Point & Claim App

Billings & Ellis have been using Sage Handisoft accounting software since 1998 and we prepare both financial statements and tax returns for our clients using this software.

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SMSF breaches

ATO Penalty Changes from 1 July 2014 for SMSF breaches

From 1 July 2014, a legislative change will allow the ATO to apply a broader range of penalties and directions for SMSF breaches.

These penalties will be imposed on each trustee.

As an example, for an SMSF with four individual trustees, the ATO will impose a penalty on each trustee.

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SuperStream Changes

Recent changes to superannuation legislation, called Superstream, effects all employers and superannuation fund trustees. From 1 July 2014, employers with 20 or more employees are required to send contributions electronically to all superannuation funds, including self-managed superannuation funds. For employers with less than 20 employees, the new legislation starts on 1 July 2015.

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