Taxation Advice & Planning
Important Update on Tax Rate and Medicare Levy threshold for 2024-25
The Treasury Laws Amendment (Cost of Living Tax Cuts) Bill 2024 was introduced into Parliament on Wednesday 6 February 2024, bringing changes to existing individual tax rates. Let’s drive into the details: Tax Rate Adjustments for 2024-25 The new legislation proposes adjustments to the tax rates for both resident and non-resident individuals, as well as […]
Read MoreNSW Land Tax
Starting from 1 February 2024, changes are coming into effect concerning the principal place of residence exemption from land tax. If you’re planning to purchase or currently own a property, here’s what you need to know: Key changes From 1 February 2024, anyone who purchases and occupies a property but own less than 25% interest […]
Read MoreStage 3 tax cut changes announced
The Prime Minister has announced new tax cuts. The following are changes to the Stage 3 tax cuts: Therefore, following these announcements and assuming amending legislation is passed, the Australian resident personal income tax rates from 1 July 2024 will be: Resident individuals Up to $18,200 Nil $18,201 to $45,000 16% on part over $18,200 $45,001 […]
Read MoreQualifying as an interdependent or financial dependant
When dealing with death benefit nominations, a question often gets asked is whether a person will qualify under the interdependency or financial dependency definitions. This is an important consideration as meeting the dependency criteria will enable potential beneficiaries to qualify as dependant and therefore allow them to receive a death benefit. Interdependency relationship Put, an […]
Read MoreWho Is a Resident For Tax Purposes?
A person’s residency for tax purposes can be one of the most difficult issues to determine in Australian tax law. And it is not just a question of whether a person is a “citizen” of Australia. Residency for Tax Purposes in Australia Moreover, it is highly relevant from a tax point of view, as a […]
Read MoreHow to reduce your income tax bill using superannuation
Did you know you can reduce your income tax by making a large personal tax-deductible contribution from your take-home pay to your super? This strategy may be particularly useful if you will be earning more income this financial year or if you have sold an asset this year and made a large capital gain. What […]
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