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.