BUDGET A Budget to hurt the many and help the few

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1 BUDGET -15 A Budget to hurt the many and help the few After a period of unprecedented speculation and political heat, finally the Treasurer has spoken. Delivering his first Budget statement earlier this evening, the Treasurer once again emphasised the tough decisions, the fiscal mess his predecessors left behind and the heavy lifting all of us have to do to fix it. In other words, he told us exactly what he s been telling us for weeks and initial reaction suggests that the electorate is no more inclined to give him the benefit of the doubt now than they were two weeks or two months ago. It will take an unprecedented act of political salesmanship to sell this as a vote winning package. The statement was remarkably light on tax related measures. Whilst acknowledging that a review of the tax system is due later this year, the Budget bias towards cutting welfare for individuals and families whilst doing almost nothing to fix the flaws in the tax system most of which favour the wealthy - enhanced an over-riding impression that the Budget was lacking in fairness. The major tax announcement was the introduction of a debt reduction tax (or levy ) on incomes over $180,000. Given the relatively toothless nature of this tax it will affect only 400,000 taxpayers, will result in an increased tax bill of just $400 for those earning $200,000 and will be extraordinarily easy to avoid for those affected - we have to question whether it was worth breaking all those no new taxes promises made before the election for an initiative that will contribute almost nothing to the job of reducing the deficit. We also question whether this token attempt to share the burden with the wealthy demonstrates any real commitment to the concept that we re all in it together. Once again, Mr Hockey told us that the age of entitlement is over and once again, he targeted his attacks at the old, the poor and the vulnerable. He briefly referred to the end of corporate welfare but failed to announce anything to back up this comment. It was particularly disappointing to note that at the same time he announced a reintroduction of fuel excise indexation for ordinary motorists, he blew the opportunity to abolish the fuel tax credits scheme, which pumps nearly $2.5bn in taxpayer subsidy to the big mining corporations. The big positive in the Budget was the extensive program of infrastructure spending but here too, there was less than meets the eye. The definition of infrastructure appears to extend no further than the construction of lots of new roads on most of which, we will no doubt have to pay a toll to drive (if we can afford to, given the ever increasing cost of fuel now that excise indexation is back). For those in the outer suburbs of our cities and in rural areas, who are crying out for fast, efficient rail links to the major cities and for those who regard broadband internet as just as crucial as a new motorway, these announcements will be met with disappointment. For small businesses, there was virtually nothing. The long-ago announced 1.5% tax cut is welcome but will be unfavourably highlighted in the wake of the hard measures imposed on individuals and families. Perhaps the biggest surprise in this Budget was that after all that talk of a budget emergency, most of the money saved in the Budget isn t actually going to pay down debt. Some of it is being splurged on roads, a good chunk ($20bn) into a May Federal Budget -15 1

2 medical future fund and suspicions abound that some of it will go into Mr Abbott s Paid Parental Leave Scheme, which was notable by its absence from tonight s events (will it ever see the light of day, we wonder?). This Budget was described as the first word, not the last word in fixing the nation s finances. With a review of the tax system promised for later in the year, it may well be that Budget 2015 will prove just as controversial as Budget. It s certainly to be hoped that it shows a higher degree of equity and fairness than we saw tonight. Families and individuals Personal income tax rates The Labor Government initially introduced personal income tax rate reductions with their Clean Energy legislation. They subsequently decided to defer the changes to these rates and intended to introduce legislation to this effect. The Coalition would have repealed these tax cuts however the Clean Energy laws that these rates included was defeated in the Senate. Personal tax rates Note that these rates do not include the Medicare levy of 2%.With Medicare levy included, the top marginal rate would be 49% from 1 July to 30 June Resident: -15 Taxable income Tax on this income 0 $18,200 Nil $18,201 $37,000 19c for each $1 over $18,200 $37,001 $80,000 $3,572 plus 32.5c for each $1 over $37,000 $80,001 $180,000 $17,547 plus 37c for each $1 over $80,000 $180,001 and over $54,547 plus 47c for each $1 over $180,000 Resident: and * Taxable income Tax on this income 0 $19,400 Nil $19,401 $37,000 19c for each $1 over $19,400 $37,001 $80,000 $3,344 plus 33c for each $1 over $37,000 $80,001 $180,000 $17,534 plus 37c for each $1 over $80,000 $180,001 and over $54,534 plus 47c for each $1 over $180,000 * Tax cuts for onwards to be removed if Clean Energy legislation is later repealed. 2 Federal Budget May

3 Low income tax offset From 1 July 2012 to 30 June 2015 Amount $445 $300 Lower withdrawal limit Upper withdrawal limit From 1 July 2015 $37,000 $37,000 $66,667 $67,000 Withdrawal rate 1.5% 1.0% Temporary Budget Repair Levy The Government will introduce a temporary levy over three years (the Temporary Budget Repair Levy). It will run from 1 July until 30 June The Temporary Budget Repair Levy will apply at a rate of 2% on individuals taxable income in excess of $180,000 per annum. A number of other tax rates that are currently based on calculations that include the top personal tax rate will also be increased. See Business tax meaures below. Previously announced measure - Increase in Medicare levy will affect other tax rates The government previously announced on 1 May, 2013, that it would increase the Medicare Levy by half a percentage point to be directed to the DisabilityCare Australia Fund. From 1 July,, the Medicare levy will increase from 1.5% to 2% of taxable income. A number of other tax rates that are linked to the Medicare levy will also increase by half a percentage point. See table below. Increase the Medicare levy low income thresholds for families The Government will increase the Medicare levy low income threshold for families from the income year. The threshold are as follows: for couples with no children increased to $34,367, and additional amount of threshold for each dependent child or student increased to $3,156. The increase in these thresholds takes into account movements in the consumer price index Previously announced measure - Increase in Medicare levy will affect other tax rates Area of tax law Current rate New rate Date of effect Fringe Benefits Tax 46.5% 47% 1 April and later tax years Superannuation Excess concessional contributions tax Excess non-concessional contributions tax Excess Untaxed Roll-over Amounts tax Withholding for Tax File Number (TFN) or Australian Business Number (ABN) not quoted Trusts Family Trust Distributions Tax Trustee Beneficiary Non-disclosure Tax 31.5% 46.5% 46.5% 32% 47% 47% 46.5% 47% 46.5% 46.5% 47% 47% Employee share schemes (ESS) TFN/ABN Withholding Tax 46.5% 47% First Home Saver Accounts (FHSA) FHSA Misuse Tax 46.5% 47% -15 financial year and later - 15 financial year and later Excess untaxed roll-over amounts paid on or after 1 July Applies to payments made on or after 1 July Applies to tax payable on notices given by the Commissioner of Taxation on or after 1 July 15 income year and later income years Applies to ESS interests provided on or after 1 July Applies to payments from a FHSA made on or after 1 July May Federal Budget -15 3

4 (CPI) and ensures that low income families who were not liable to pay the Medicare levy in will continue to be exempt unless their incomes have increased by more than the CPI. The Medicare levy low income thresholds for individuals and pensioners have already been increased by more than the growth in the CPI and therefore do not need to be further increased at this time. Pausing indexation of some Medicare Benefits Schedule fees and the Medicare Levy Surcharge and Private Health Insurance Rebate thresholds The Government will pause the indexation of some Medicare Benefits Schedule (MBS) fees for two years from 1 July and the income thresholds for the Medicare Levy Surcharge and Private Health Insurance Rebate for three years from 1 July General practice MBS fees will be excluded. MBS fees which are not currently indexed, such as pathology and diagnostic imaging services, will not be affected. This is represented in the two tables on this page. PRIVATE HEALTH INSURANCE REBATE TIER SINGLES FAMILIES Medicare Levy Surcharge Base $0 - $88,000 $0-$176,000 Nil Tier 1 $88,001- $102,000 $176,001- $204, % Tier 2 $102,001- $136,000 $204,001- $272, % Tier 3 $136,001+ $272, % Medicare Benefits Schedule introducing patient contributions for general practitioner, pathology and diagnostic imaging services ($7 Co- Payment) The Government will reduce Medicare Benefits Schedule (MBS) rebates from 1 July 2015 by $5 for standard general practitioner consultations and out of hospital pathology and diagnostic imaging services and allowing the providers of these services to collect a patient contribution of $7 per service. For patients with concession cards and children under 16 years of age the MBS rebate will only PRIVATE HEALTH INSURANCE REBATE UNDER 65 AGE AGE 70+ TIER SINGLES FAMILIES* 1 July March 1 April onward 1 July March 1 April onward 1 July March 1 April onward Base $0 - $88,000 $0-$176,000 30% % 35% % 40% % Tier 1 Tier 2 $88,001- $102,000 $102,001- $136,000 $176,001- $204,000 20% % 25% % 30% % $204,001- $272,000 10% 9.680% 15% % 20% % Tier 3 $136,001+ $272,001+ 0% 0% 0% 0% 0% 0% *The family income threshold is increased by $1,500 for each Medicare levy surcharge dependent child after the first child. 4 Federal Budget May

5 be reduced for the first 10 services in each year, after which it will return to current benefit levels. A new Low Gap Incentive will replace bulk billing incentives for providers of these services. The Low Gap Incentive will be paid to providers where they provide services to patients with concession cards or children under 16 years of age and only charge the $7 patient contribution for the first 10 services in a year, or where they charge no patient contribution for additional services in that year. The measure will also remove the restriction on State and Territory Governments from charging patients presenting to hospital emergency departments for general practitioner like attendances. Commonwealth Seniors Health Card include untaxed superannuation income in the eligibility assessment The Government will include untaxed superannuation income in the assessment of income to determine eligibility for the Commonwealth Seniors Health Card (CSHC) from 1 January The assessment of superannuation income will be the same for CSHC holders as for Age Pension recipients and will align with the Budget measure to deem the balances of account based superannuation of pensioners from 1 January All superannuation account based income streams held by CSHC holders before the implementation date will be grandfathered under the existing rules. Family Tax Benefit Reforms A whole raft of reforms to the Family Tax Benefit (FTB) measures were announced. In summary, these included: Reducing who is eligible for FTB Part B from people earning under $150,000 to people earning under $100,000 Restrict FTB Part B to families with children under six years of age Limit large family supplement to families with four or more children Freeze indexation on Clean energy supplements and FTB rates Introduce new single parent benefit for eligible parents with child between 6 and 12 years old Remove FTB Part A per child add on, and Reducing end of year FTB supplement and freeze further indexation of payment. HECS-HELP benefit ceases and repayment thresholds and indexation The HECS HELP benefit, which was intended to provide an incentive for graduates of particular courses to take up related occupations or work in specified locations, will end from The Government will reduce the income threshold for repayment of Higher Education Loan Programme (HELP) debts commencing in and will adjust the indexation of HELP debts from 1 June A new minimum threshold will be established for the repayment of HELP debts, set at 90% of the minimum threshold that would otherwise have applied in The new minimum threshold is currently estimated to be $50,638 in A new repayment rate of 2% of repayment income will be applied to debtors with incomes above the new minimum threshold. There will be no other change to current repayment rates. In addition, the annual indexation applied to HELP debts will be adjusted from the Consumer Price Index to a rate equivalent to the yields on 10 year bonds issued by the Australian Government, capped at 6.0% per annum, from 1 June FEE HELP and VET FEE HELP loan fee cessation The Government will remove the 25% loan fee applied to FEE HELP loans for fee paying undergraduate courses and 20% loan fee applied to VET FEE HELP loans for eligible full fee paying students in higher level vocational education and training courses. Superannuation guarantee change to the schedule for increasing to 12% The Government will change the schedule for increasing the superannuation guarantee rate to 12%. The superannuation guarantee rate will increase from 9.25% to 9.5% from 1 July as currently legislated. The Minerals Resource Rent May Federal Budget -15 5

6 Tax Repeal and Other Measures Bill 2013 have not passed the Senate. The rate will remain at 9.5% until 30 June 2018 and then increase by 0.5% each year until it reaches 12%. The other measures incorporated into this repeal are the removal of the schoolkids bonus, the reduction of the $6,500 instant asset write off back to $1,000 and the removal of the $5,000 motor vehicle asset write off. Abolish the dependant tax offsets The Government will abolish the Dependent Spouse Tax Offset (DSTO) for all taxpayers from 1 July. Current entitlement A new dependant offset was introduced with effect from the income year - the dependant (invalid and carer) tax offset (DICTO). As a result, access to the DSTO was restricted to those taxpayers whose spouse was born before 1 July 1952 and to taxpayers who qualify for the zone tax offset (ZTO), overseas civilians tax offset (OCTO) or overseas forces tax offset (OFTO), regardless of the age of their dependent spouse. In addition, access to the other dependant tax offsets - namely the invalid spouse, carer spouse, child-housekeeper, invalid relative, parent and parent-in-law offsets - and the housekeeper tax offset was limited to those taxpayers who qualify for ZTO, OCTO or OFTO. New measure The Government has now announced that the DSTO and the other dependency offsets will be abolished from 1 July. In addition, the housekeeper offset will be abolished from 1 July. From 1 July, taxpayers who qualify for ZTO, OCTO and OFTO may qualify for the DICTO. Further, taxpayers with a dependant who is genuinely unable to work due to a carer obligation or a disability may be eligible for the DICTO. Mature age worker tax offset to be abolished The Government intends to abolish the Mature Age Worker Tax Offset (MAWTO) from 1 July. Instead, The MAWTO will be replaced by the expanded seniors employment incentive payment called Restart. From 1 July, a payment of up to $10,000 will be available to employers who hire a mature age job seeker, aged 50 years or over, who has been receiving income support for at least 6 months. Specifically, eligible employers will receive $3,000 if an eligible mature age person is employed full-time for 6 months and an additional $3,000 if employed for 12 months. Further $2,000 payments will be made after 18 months and 24 months fulltime employment (maximum is therefore $10,000). Miscellaneous amendments The Government will make a series of minor amendments to the tax laws and superannuation laws to correct technical defects, remove anomalies and address unintended outcomes which have recently been identified, including technical corrections to the uniform penalty rules that prevent certain penalties that are levied under the law from being collected and a number of amendments. Increasing the age of eligibility for Newstart Allowance and Sickness Allowance The Government will increase the age of eligibility for Newstart Allowance and Sickness Allowance from 22 to 24 years of age, from 1 January Current recipients of Newstart Allowance and Sickness Allowance, aged 22 to 24 years of age on 31 December, will remain on those allowances. The eligibility thresholds for the Newstart Allowance will also be maintained for three years from 1 July. National Rental Affordability Scheme discontinue incentive allocations The Round 5 of the National Rental Affordability Scheme (NRAS) will not proceed. Funding for incentives from earlier rounds that are uncontracted or not used within agreed timeframes will be returned to the Budget. Funding for tenanted NRAS properties is not affected. Tax receipt for individuals to be introduced from 1 July The Government will introduce a receipt for taxpayers that tells them where and how their taxes were used. See Tax administration below. 6 Federal Budget May

7 Business tax measures Effect of Temporary Budget Repair Levy on other taxes As noted above, the Government will introduce a three year temporary levy on high income individuals from 1 July until 30 June This will apply at a rate of 2% of an individual s taxable income in excess of $180,000 per annum. In other words, the top marginal tax rate will increase from 47% to 49%. Other tax rates affected Federal Budget -15 A number of other tax rates that are currently based on calculations that include the top personal tax rate will also be increased for the same period that the Temporary Budget Repair Levy is in place (ie. from 1 July until 30 June 2017). A different two year period applies for the increase in FBT rate (see below). Fringe Benefits Tax FBT rate increased The FBT rate will be increased from 47% to 49% from 1 April 2015 until 31 March 2017 to align with the FBT income year. This is to prevent high income earners from utilising fringe benefits to avoid the levy. FBT concessional employers FBT exempt employers The cash value of benefits received by employees of public benevolent institutions and health promotion charities, public and not-for-profit hospitals, public ambulance services and certain other tax-exempt entities will be protected by increasing the annual FBT caps. FBT rebatable employers The fringe benefits rebate rate will be aligned with the FBT rate from 1 April 2015 (ie. 49%). Currently, the FBT rebate is an entitlement to a rebate equal to 48% of the gross FBT payable, subject to a capping threshold. The FBT rebate applies to certain rebatable employers (such as registered charities, etc). Note: There is no indication whether capping thresholds will be adjusted for rebatable employers. Other business tax measures Reintroduction of fuel excise indexation The Government will re-introduce biannual indexation by the consumer price index of excise and excise-equivalent customs duty for all fuels except aviation fuels. Biannual indexation will commence from 1 August. This will secure funding for additional productivity-enhancing road infrastructure projects according to the Government. Research and Development (R&D) Tax Incentive Reducing the rates of the refundable and non-refundable tax offsets Due to the cut in the company tax rate by 1.5% from 1 July 2015, the Government will retain the relative value of the R&D Tax Incentive by reducing the rates of the refundable and non-refundable offsets by 1.5%. This will be effective from 1 July. May Federal Budget -15 7

8 By way of background, the R&D tax incentive provides: a 45% refundable tax offset (equivalent to a 150% deduction) to eligible entities with an aggregated turnover of less than $20 million per annum, or a non-refundable 40% tax offset (equivalent to 133% deduction) to all other eligible entities. The relevant offset and their respective rates will be as follows: Currently From 1 July Refundable offset 45% 43.5% Non-refundable offset 40% 38.5% Seafarer Tax Offset abolished The Government will abolish the Seafarer Tax Offset from 1 July By way of background, a company may get a refundable tax offset for withholding payments made to Australian seafarers for overseas voyages if: the voyage is made by a vessel for which the company, or another entity, has a certificate under the Shipping Reform (Tax Incentives) Act 2012, and the company employs or engages the seafarer on such voyages for at least 91 days in the income year. Tax administration Tax receipts In the Budget and in an accompanying media release by the Treasurer, Mr Joe Hockey, the Government announced that it will improve transparency in the tax system by introducing a receipt for taxpayers that tells them where and how their taxes were used. From 1 July, the Tax Office will issue receipts to about 10 million individual taxpayers. In most circumstances, it will accompany their notice of assessment. The one-page personalised and itemised receipt will show, in dollar terms, how much of a person s tax bill was spent on each budget area. It will also show the level of gross government debt, on a per-person basis. The Government intends to introduce legislative amendments to the taxation law to make tax receipts an ongoing feature. The Tax Office will be responsible for the costs of issuing the tax receipts. Sample tax receipt The media release includes a sample tax receipt (reproduced on the following page). Tax Office resources In the Budget, the Government confirmed its previous commitment to reduce the Tax Office s departmental resourcing. Under the efficiency dividends and decisions of the former government, total staffing reductions of 4,700 were to occur as follows: 900 in in -15 1,600 in ,200 in , and 500 in The Government announced that it will bring forward the reduction of 1,600 that was to cocur in There will be no net increase to the total staff reductions planned. In the Treasurer s Budget night speech, the Government announced that 16,500 public servants will leave over the next three years. In an accompanying media release by the Acting Assistant Treasurer and the Minister for Finance, Senator Mathias Cormann, the Government noted that the largest reduction in public service jobs will be in the Tax Office. 8 Federal Budget May

9 May Federal Budget -15 9

10 Inspector-General of Taxation transfer of tax complaints handling The Government announced that it will transfer the function for taxation complaints case handling from the Office of the Commonwealth Ombudsman to the Inspector-General of Taxation. According to the Government, this will enhance the systematic review role of the Inspector-General of Taxation and provide taxpayers with more specialised and focused complaint handling for tax matters. The Government will provide funding over four years from -15 to to facilitate the transfer. Backlog of previously announced measures Further Government decisions on previously announced measures In the Budget and in an accompanying media release from the Acting Assisting Treasurer and the Minister for Finance, Senator Mathias Cormann, the Government publicised its further decisions in relation to particular measures in the backlog of taxation measures that were announced by previous governments but not yet legislated. The Budget announcement follows on from two previous announcements by the Government in relation to its decisions on various other measures in the backlog. The Government will continue to consult on the implementation of measures that are proceeding. The media release also notes that the Government has not made a decision in relation to a targeted anti-avoidance provision to address certain conduit arrangements. Measures Comments WILL PROCEED (IN A MODIFIED FORM) Integrity measures in relation to the foreign resident CGT regime. Integrity measures in relation to the consolidation regime. The previous government announced in its Budget that it intended to amend the principal asset test in the foreign resident CGT regime. In this Budget, the Government announced that, to prevent the double counting of assets, the measure will now apply to interests held by foreign residents in unconsolidated groups as well as in consolidated groups. For interests held in an unconsolidated group, the amendment will apply to CGT events occurring on or after the date the Exposure Draft is released for public consultation. For interests held in a consolidated group or a multiple entry consolidated group, the measure will continue to have effect from 7.30pm AEST on 14 May The Government will refine the consolidation integrity package announced by the previous government in the Budget, to ensure it operates as intended. The Government will also add a new measure to the package. 10 Federal Budget May

11 Measures WILL PROCEED (WITH A DEFERRED START DATE) New regime for managed investment trusts (start date deferred by 12 months to 1 July 2015). Reforms to the offshore banking unit regime (start date deferred to 1 July 2015). Legislative measures to improve tax compliance through third party reporting and data matching (start date deferred by two years to 1 July 2016). WILL NOT PROCEED Amendments to the multiple entry consolidated group regime. Any alternatives to the previous government s better targeting of not-for-profit tax concessions measure (the Government announced in December 2013 that it will not proceed with the original measure). Comments The deferral is to allow industry and the Tax Office additional time to make the necessary systems changes to implement the new tax regime. It will also provide the Government with more time to consult with industry about the implementation of the reforms. The Government also intends to amend the law to allow managed investment trusts and other trusts treated as managed investment trusts to continue to disregard the trust streaming provisions for -15, to ensure that the interim arrangements continue to apply until the commencement of the new tax system. Exposure draft legislation is expected to be released in June. This decision was originally announced on 30 January. The deferral will provide further time to analyse stakeholder concerns regarding whether a third party reporting model is the best way of achieving the policy objectives. The legislative amendments that are being deferred involve the creation of new third party reporting regimes in relation to: taxable government grants and specified other government payments sales of real property, shares (including options and warrants) and units in managed funds, and sales through merchant debit and credit services. Elements that do not require legislation will proceed as announced. A tripartite review (available at done by the Treasury, the private sector and the Tax Office concluded that there is limited scope to address the issues targeted by the original measure. However, the Treasury will consult on certain measures recommended by the review. May Federal Budget

12 Other budget measures First Home Saver Accounts scheme to be abolished As part of its -15 Budget, the Government announced in a media release from the Treasurer s office that it intends to abolish the First Home Saver Accounts scheme using a phased approach. Currently, the operation of the scheme includes the following elements: the Government makes a co-contribution equal to 17% of the account holder s personal contributions for a financial year, up to an indexed maximum interest income derived from the account is not assessable to the account holder. However, the account provider pays tax on the interest and may choose to pass the cost onto the account holder the account is not included in the income and assets tests that apply to various government benefits, including the family tax benefit no tax is payable on the money when it is withdrawn an account balance cap applies. Once the cap is reached, no further deposits can be made, and the account balance cannot be paid out to the account holder or into their mortgage until the end of a minimum qualifying period. Any new accounts opened from Budget night (13 May ) will not be entitled to the current Government co-contribution or any tax or social security concessions. Existing account holders will continue to receive the Government co-contribution and all existing tax and social security concessions for The co-contribution will cease from 1 July and the tax and social security concessions will cease from 1 July As of 1 July 2015, account holders will be able to withdraw their account balances without restriction. Once the scheme is abolished from 1 July 2015, these accounts will be treated like any other account held with a relevant provider. Miscellaneous technical amendments The Government announced that it intends to make a series of minor amendments to the taxation laws to correct technical defects, remove anomalies and address unintended outcomes. The regimes which have been earmarked for amendment include the uniform penalty rules and the tax consolidation provisions. 12 Federal Budget May

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