W Wen And Co | Chartered Accountants & Business Advisors

Serving Epping, Parramatta, Sydney Hills & Sydney Metropolitan

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Phone: (02) 8090 2449         
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2014 Year End Tax Tips For Individuals

Income tax rates have changed for some groups

Call (02) 9871 3429 for taxation advice now

Call (02) 9871 3429 for taxation advice now

Starting from 1 July 2014 the medicare levy will increase to 2%. In addition there will be a 2% increase to the highest marginal resident individual tax rate (over $180,000 taxable income) as a result of the introduction of the 2% ‘Temporary Budget Repair Levy’

Therefore the top marginal tax rate for resident individuals will be 49% (including Medicare levy) and 47% for non-residents.

Tax planning tip:

High income individuals could consider bringing forward income to before 1 July 2014 or delaying deductions until after 30 June 2014 to reduce the affect of the 2% Budget Repair Levy, but weigh up against the cash flow and lost earnings.

Superannuation

The rate for superannuation contributions will increase to 9.5% from 1 July 2014 and remain at 9.5% until 30 June 2018.

Employers must make superannuation guarantee contributions for their employees on a quarterly basis within 28 days after the end of each quarter (September, December, March and June).

Tax planning tip:

Tax deductions for the superannuation contributions will only be available in the 2014 tax year if the contribution is received by superannuation fund by 30 June 2014.

Call our tax agents and advisors now on (02) 9871 3429 to see how we may assist with your business or personal taxation planning.

 

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Accounting

Call our chartered accountants now on (02) 9871 3429 to see how we may service your business or personal accounting needs.

Our accountants have extensive experience, including: Preparation of Read More...

Taxation

Call (02) 9871 3429 for taxation advice now

Finding your best business or personal tax outcomes Income Tax Read More...

Superannuation

Our superannuation services include: Preparation of financial statements Read More...

Audit

We also provide services such as preparation of financial reports to comply with the Corporations Act and Australian Accounting Standards.

We specialise in auditing large proprietary companies, clubs and not-for-profit Read More...

Corporate Secretariat

Call (02) 9871 3429 now to discover how our corporate secretariat services can help your company meet ASIC's compliance requirements.

Our Corporate Secretariat services help your company to comply with the Read More...

W Wen and Co. | Suite 7 Level 2, 300 George Street, Sydney NSW 2000 | GPO Box 716 Sydney NSW 2001
(02) 8090 2449 | (02) 9871 3429

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