The media commentators are hinting at a new tax on taxpayers presumably from 1 July 2014. The tax will be very similar to the flood levy that all taxpayers helped re build Queensland after their floods a few years ago under the Julia Gillard Labour government. The way it will work according to the media commentators is those earning above $80,000 will get slugged an additional 1% deficit tax and those earning greater than $180,000 will get slugged 2% deficit tax. This is something you may need to consider when you are doing tax planning over the next few months with your accountant.
There is a silver lining however – the prime minister is offering personal tax cuts in a decade – that is assuming they are still in power at that time!