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 tax@faa.net.au or give us a call on 07 5451 0022.

 

 

 

“Got any questions the FAA Team are here to help!”

John Hehir

 

 

Choose an e-Bike by searching in some of the following location:

ebay

google

bike trader

Retail outlets:

99 BikesKawana

Giant – 122 Brisbane Rd, Mooloolaba QLD 4557 | Unit 1-2/1 Rene St, Noosaville QLD 4566

Trek Bicycle – 2 Eden St, Minyama QLD 4575

Cycle Zone

My Ride Sunshine Coast

Coolum Cycles

Bicycle Centre Caloundra

Hit Bikes

Enplusone (Repairs) – 4 First Ave, Maroochydore

Venture Cycles

Le Cyclosportif

Trilogy Cycles

E-Move

Spoke N Trail

Peddlar