Superannuation

  1. Superannuation Guarantee Contributions – Current Superannuation Guarantee rate of 9.25% will remain frozen until FY2016. This means the planned SG increase to 12% will be delayed by a further two years to FY2022.
  2. Concessional Contribution Caps – The level of contribution caps will be reviewed when the Budget position returns to surplus.
  3. Superannuation Incentives for Low Income Earners – The current Low Income Superannuation Contribution of up to $500 provided to low income earners will be removed.
  4. Superannuation Co-contributions – The thresholds and level of payment under the current Super Co-contributions scheme will be reviewed when the Budget position returns to surplus.
  5. Minimum Pension Payments – Review of the minimum pension payment levels will be conducted in view of current financial market conditions to ensure that they are adequate and appropriate.
  6. Implement Process For Excess Contributions Breaches – Develop a process to address breaches of the contribution caps that result from unintentional mistakes made by the member, employer or superannuation fund.
  7. Streamline Small Business Super Reporting – Small businesses can report super payments to a superannuation clearing house, to be established, via the Australian Taxation Office. Currently, the super payments are submitted to Medicare, which manages the government's clearing house.

Taxation

  1. Abolish Carbon Tax & Minerals Resource Rent Tax (MRRT) – The MRRT and carbon tax to be abolished but the current income tax cuts and the current Social Security pension and benefit payment increases (that compensate for the increased cost of living resulting from the carbon tax) will be retained.
  2. Company Tax Reduction – The current company tax rate of 30% is to be reduced by 1.5% to 28.5% from 1/07/2015.
  3. Fringe Benefit Tax on Car Benefit – Labor's proposal to remove the statutory formula method for calculating the FBT value of employer provided car benefit will be reversed.

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