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Budget update for individuals

Changes affecting individuals.

  1. A temporary (3 year) 2% Budget deficit levy (tax), known as the Temporary Budget Repair Levy, for incomes above $180,000.
  2. Medicare levy surcharge and private health insurance offset thresholds to be frozen.
  3. Medicare levy will increase from 1.4% to 2 % from July 2014
  4. Most dependant offsets to be abolished for example dependent spouse offset and the mature worker offset
  5. The First Home saver account scheme will be abolished
  6. Unemployed people under 25 will get the lower paid Youth Allowance rather than the News tart Allowances
  7. Trade support loans will be available to wanting to do a 4 year apprenticeship.