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Federal Budget 2014 – Announcements Affecting Business

Article By Adam Hurwood | | Accounting & Tax

Company Tax Rate Reduction

Effective date: 1 July 2015

The Government announced their commitment to reducing the company tax rate from its existing level of 30% to 28.5% from 1 July 2015.

Future Superannuation Guarantee (SG) Rate Increases

Effective date: 1 July 2014

The Government has proposed to amend the schedule for increasing the SG rate to 12%. The SG rate will rise to 9.5% from 1 July 2014 and will remain at this level until 30 June 2018. The rate of SG will then increase by 0.5% each year from 1 July 2018 until it reaches 12% in the 2022/23 financial year.