New Tax Brackets – What does this mean for you?

New Tax Brackets – What does this mean for you?

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 $45,0005% income tax bracket: From $90,000 to $120,000These changes became effective from July 1 2020.So,...
Claiming Super Contributions at Tax Time

Claiming Super Contributions at Tax Time

Over the last couple of years individuals have been able to claim super contributions as a tax deduction. In order to be able to do this, a number of factors are involved:Your super contributions must be made with your after-tax income.This is because you have already...