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End of Financial Year – 2013/14

There are many important financial changes for employees/employers for the new financial year 2014/15.  Some main changes employees will see are:

  • increase to the superannuation guarantee – move from 9.25% to 9.50% (refer to company policy 1.5 Choice of Superannuation for further explaination) ;
  • increase to medicare levy, move from 1.5% to 2.0%;
  • and changes to individuals with taxable income in excess of $180,000 per annum will be subject to a 2% levy from 1 July 2014 until 30 June 2017.