We will all no doubt feel a little better about paying our taxes from the 2014 financial year onwards. Joe Hockey has announced changes to the tax assessment to do two things:

  1. Tell you where your hard earned taxes went.
  2. Thank-you for paying your tax for the year.

From next year your receipt will break down how much of your tax paid went to things like health, welfare, education, defence and other government spending.

For example if you pay $20,000 in tax this year, your receipt will show the approximate:

  • Welfare
  • $7,000
  • Health
  • $3,200
  • State Government
  • $2,600
  • Education
  • $1,500

Also on the receipt will be the gross government debt and how much that is per person.

The coalition is attempting to provide greater transparency and accountability when it comes to where your tax funds are going.

From the Business Backup Team