Today Treasurer Mr Hockey handed down the 2014-15 Federal Budget. Anticipation was high with media speculation rampant that significant changes would be announced following the recent release of the National Commission of Audit report. It is also Mr Hockey's first budget.

From a taxation perspective, the key tax introduced today has been named the Temporary Budget Repair Levy. 

The Temporary Budget Repair Levy is a levy applicable to all taxpayers.

It will only come into effect for those taxpayers that receive a taxable income of $180,000 or more. The levy itself is imposed at 2%, with the government today declaring it will exist for three years inclusive of the financial years ending 30 June 2015, 2016 & 2017.

The government aims to generate an additional 3 billion dollars in tax revenue from the Temporary Budget Repair Levy.

If you have any questions on the Temporary Budget Repair Levy or wish to discuss any of the additional tax changes announced in this years budget contact your GMD Accounting team member.

Matthew Dicker | Associate