The Federal Budget for 2013-2014 was handed down by Wayne Swan on 14 May 2013.
There have been some fundamental changes to salary packaging with Medicare Levy increase of 0.5%.
This has meant that the FBT rate has now increased from 46.5% to 47% from 1 April 2014.
Many people will not have realised this as it has not been specifically announced, however is a flow on effect as a result of the move in the Medicare Levy rate.
Please find attached our discussion of the 2013-14 Federal Budget from the perspectives of Australian Not-For-Profit organisations, especially in the area of salary packaging and FBT changes.
