Tax & Accounting

Australia has a progressive income tax system. This simply means that higher income earners pay a greater proportion of their income in tax than low-income earners. It is achieved by applying a different rate of tax to each income band or “bracket”. The tax brackets and relevant tax rates applicable from 1 July 2020 are as follows: Tax bracket Tax rate (excl Medicare) $0 – $18,200 0% $18,201 – $45,000… Read More »Don’t let tax creep up on you

When it comes to getting the most (money) from your annual tax return, there is usually a lot to think about, so we’ve identified a few options that could open the door to some opportunities to save on tax. The key here is to plan ahead Deductions — lower your tax liability Pay now for some of next year’s expenses If you have some spare cash available, paying for certain… Read More »Get your Tax ready for June 30 – NOW!