Federal Budget 2014: Calculate exactly what it means for you

THIS is the toughest Budget in years. Calculate exactly how it will hit you with our interactive — we hope you get a pleasant surprise.

FEW are spared immediate pain in the toughest Federal Budget in nearly two decades — and most of those that are will be clobbered next year, exclusive modelling reveals.

Parents of teens where household income is just $60,000 will be about $2000 worse off from July, according to calculations by leading consultancy PwC. The blow to families bringing in $100,000-plus comes next year when they will lose even larger amounts of welfare.

REVISIT: Shadow treasurer Chris Bowen joined our experts to take questions on all things Budget-related. See how it unfolded.

From July this year the “Temporary Budget Repair Levy”, or deficit tax, will slug about 400,000 workers earning $180,000 or more.

Next year, everyone will pay an extra $7 to see a bulk-billing doctor, get an eye check or blood test. And petrol will cost 1c more per litre per year.

Use the interactive below to find out exactly how it’s going to hit you.

The numbers presented here cover the main tax and welfare changes in 2014-15, as well as the axing of the Schoolkids Bonus. The dot points further explain these changes, as well as measures that hit next calendar year and beyond.

Keep in mind that most of the Government’s major plans have to pass the Senate, which could prove difficult with Labor and minor parties opposed to many of the changes.

NOW, START YOUR CALCULATIONS — AND GOOD LUCK:

Originally published as Federal Budget 2014: Calculate exactly what it means for you