Further to the release of the 2013 Federal Budget last night, below is a brief summary of only some aspects that may change in relation to tax moving forwards.


Increase in Medicare levy of 0.5 per cent

DisabilityCare (NDIS) will be

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supported by an increase of 0.5 per cent to the Medicare levy from 1.5 to 2 per cent. It is proposed that the increase in the Medicare levy will come into effect on 1 July 2014.

The increase in the Medicare levy will require consequential changes for other purposes such as FBT, excess contributions tax and TFN withholding tax.

Capping work related self education expenses at $2,000

Work-related self-education expenses deductions will be capped at $2,000 per person per income year from 1 July 2014.

Phase out of net medical expenses tax offset

The net medical expenses tax offset (NMETO) will be phased out with transitional arrangements for those currently claiming the offset.

  • Taxpayers will be able to continue to claim the NMETO
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    for out-of-pocket medical expenses relating to disability aids, attendant care or aged care expenses until 1 July 2019.

  • Taxpayers who claimed the NMETO for the 2012/13 income year will continue to be eligible for the NMETO for the 2013/14 income year if they have eligible out-of-pocket medical expenses above the relevant thresholds.
  • Taxpayers who were able to claim NMETO for 2013/14 income year will continue to be eligible for the NMETO for the 2014/15


Preventing dividend washing

The Government will close a loophole that allows investors to ‘dividend wash’.

  • Dividend washing allows investors to trade in franking credits, with the result that shareholders effectively receive two sets of franking credits for
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    the same parcel of shares.

  • This measure will ensure that where an investor sells shares with a dividend, and then immediately buys equivalent shares that carry a right to a dividend, the investor will be entitled to use only one set of franking credits.

Excluding large companies from the R&D concession

The Treasurer confirmed previous announcements that companies with annual turnover of $20 billion or more will no longer be eligible for the research and development (R&D) tax incentive. This will apply from 1 July 2013.


Foreign resident CGT regime amendments

From 1 July 2016, foreign residents disposing of certain taxable Australian property, other than residential

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property under $2.5 million, will be subject to a non-final withholding tax of 10 per cent.

Concessional contributions caps for individuals aged ≥ 50

The $25,000 concessional contributions cap will be increased to $35,000 per year:

  • from 1 July 2013 —for individuals aged 60 and over;
  • from 1 July 2014 —for individuals aged 50 and over.

Capping of tax exemption for earnings on superannuation

It is proposed that the tax exemption for earnings on superannuation assets supporting pensions will be capped at $100,000 per person, with income in excess of this cap being taxed at 15 per cent.

Generous transitional rules will apply for Capital Gains Tax assets purchased before 5 April 2013

If you would like further information or to discuss your situation and whether any of the proposed changes affect you, please contact our office on 03 9603 0066.

Compiled by: Mark Debeljak, Director of Rubiix

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