The tax brackets have changed for the 2020-2021 financial year.
Changes include an increase to the upper income threshold:
- 19% income tax bracket: From $37,000 to $45,000
- 5% income tax bracket: From $90,000 to $120,000
These changes became effective from July 1 2020.
So, what does this mean for you? If you are currently earning over $37,000 you will now be paying less tax!
How can you make sure the change has taken affect? Your employer will amend your pay accordingly and you should start getting more money in your pay. If you don’t notice a change contact your employer.
If you would like to find out some more information regarding the changes to the tax brackets, feel free to contact our accounting team at email@example.com or give us a call on 07 5451 0022.
“Got any questions the FAA Team are here to help!”