On 13 May 2014, the Australian Treasurer presented Australia's 2014-15 Budget Overview. Some of the key changes concerning tax include the following:

• The corporate tax rate will be cut from 30% to 28.5% beginning July 2015
• The rates of the refundable and non-refundable offsets of the research and development incentive will be reduced by 1.5% beginning July 2014
• A three-year levy of 2% will be …