Federal Budget 2014 – Announcements Affecting Business
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.