Each year in May, the Federal Government of Australia release their budget for the upcoming financial year.

For the 2014-15 financial year, the Federal budget will be released by the Treasurer on Tuesday, 13th May, 2014 at 7.30pm AEST.

The budget covers many areas, but of particular interest to most taxpayers are the impact on tax rates and entitlements.

In recent days there has been much speculation about what will be contained in the upcoming budget…this speculation was the result of the release of the Commission of Audit report which outlined a series of proposals which would affect all corners of our community…being health, education, age pension and aged care, unemployment and the minimum wage, family payments, welfare and disability, defence, paid parental leave and childcare, foreign aid, public broadcasting, transport and infrastructure, indigenous affairs, government agencies and privatisations

Those holding the purse strings have been careful to point out that the Commission of Audit report is not the budget, but that it is recommending sweeping spending cuts…others have hinted that the timing of the report could be considered scare tactics, on the basis that the actual budget, when delivered, will not be as “bad” as expected…

While I have no doubt that this budget is going to be a tough one for our country, at this point all we can do is wait for it’s delivery…The Tax Chic will be sure to look at some of the areas that are likely to affect you…stay tuned!

Regards