NEW FINANCIAL YEAR – NEW CHANGES

1 July 2014: As widely expected, the Reserve Bank of Australia announced today that rates would be kept on hold again (Media Release/2014).

The RBA still note a mixed bag of economic indicators, some improving and some stubbornly unhelpful (hello, Australian dollar). The bottom line continues to be “a period of stability in interest rates”.

In related news, with the start of the new financial year today there are some changes as follows:

  • Additional 2% levy for taxable income over $180,000
  • Medicare levy to increase to 2% (from 1.5%) payable on taxable income
  • Superannuation guarantee to increase to 9.5% (from 9.25%)
  • Concessional (pre-tax) superannuation contributions caps will increase to $35,000 for those aged 49 and over; and $30,000 for everyone else
  • Non-concessional contributions caps increase to a annual limit of $180,000 (from $150,000).

If you have any questions regarding these points, contact us at Golden Eggs Home Loans.

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