Other Tax changes for 2014-15

(not exhaustive)

• In a measure associated with the funding of the National Disability Insurance Scheme, an increase in the basic Medicare Levy by 0.5% from 1.5% to 2% applies from 1 July 2014.
• The increase in basic medicare levy has caused flow-on adjustments to the FBT rate, grossing-up percentages and other calculations. See Fringe Benefits Tax and see also Reportable Fringe Benefits
• The Federal Budget 2014-15 presented to parliament on 13 May 2014 contains a proposal  to remove the dependent spouse tax offset (which had already been subject to phase-out measures based on date of birth) for all taxpayers with effect from 1 July 2014. (Note however that the Invalid and Carer tax offset continues to be available).
• The Mature Age Workers tax offset is not available from 1 July 2014
• Medical expenses – the tax offset is being phased out – only taxpayers that had eligible claims in 2013-14 or that are for disability aids, attendant care or aged care expenses can be eligible for a claim in 2014-15 – see Medical Expenses tax offset
• Electronic assessments by default – tax returns lodged electronically will not receive a paper assessment, but an automatic electronic notice of assessment and tax receipt via the myGov inbox.
• Tracking the progress of tax returns can be done via access to the Tax office’s internet portals – see online services for individuals here (requires sign-up to myGov) or log in to the business portal.