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Beware of 1 July 2014 tax changes


The new financial year means the following tax changes have commenced:

  1. Compulsory employer-paid super rises from 9.25% to 9.5%.
  2. The Medicare levy rises from 1.5% to 2%
  3. Superannuation contribution caps rise from $25,000 to $30,000 for general concession and non-concessional cap increases from $150,000 to $180,000.
  4. The Tax Office gets new powers to issue administrative penalties for breaches by SMSF trustees.
  5. Bank details on tax returns are required to be included where a refund is expected for all income tax returns including companies, trusts and superannuation funds.

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