On 13 May 2014, the Australian Treasurer presented Australia's 2014-15 Budget Overview. Some of the key changes concerning tax include the following:
- The corporate tax rate will be cut from 30% to 28.5% beginning July 2015
- The rates of the refundable and non-refundable offsets of the research and development incentive will be reduced by 1.5% beginning July 2014
- A three-year levy of 2% will be imposed on individuals earning more than AUD 180,000 per year beginning July 2014 until June 2017
- Th…