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,...
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...
Due to COVID-19, the ATO have implemented different Home Office deductions from March 2020 to June 2020. These deductions are calculated 1 of 3 ways.Shortcut method. 80c per hour worked from home.This is to cover ALL expenses, including: Phone expenses, internet...
Salary packaging is a legitimate way to bring money around the tax man, reducing the amount of tax you pay on certain items such as rent, mortgage, novated and associate leases. An associate lease is a fantastic option if you already own a car and want to reduce the...
While the current coronavirus pandemic leads us through uncharted and unprecedented times, the Australian Government has announced a number of stimulus packages to assist businesses and workers.For Individual and Households (including Employees, Sole Trader)Jobseeker...
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