Articles by Anthony Strevens.
Everyone likes more money in their back pocket, and we’re about to get a few extra dollars to try and counteract the effect of inflation.
The coalition government recently announced in their budget that there would be a shift in the tax rate thresholds for individuals from 31 July 2024. Not a moment too soon.
For years we’ve been suffering the effect of inflation while the tax rate thresholds have stubbornly held firm. The result of this is effectively an increase in tax because while our wages and salaries have also increased through inflation, the tax rate thresholds have stayed in place, meaning we pay more tax! Finally some relief.
The changes in thresholds look like this:
There are some other more targeted tax breaks being introduced also. An increase to Working for Families Tax Credits and an increase to the eligibility cap for the Independent Earner Tax Credit among them.
The flow-on effects of these rate changes will influence other things such as PAYE thresholds, FBT calculations, employer superannuation contribution tax, and you may need to reconsider your nominated RWT rates advised to the bank.
How much you will save in tax of course depends on how much you earn. If you have any questions about how you may be affected, contact your Client Services Manager at GRA (or if you are not yet a client, book a meeting to see how we can help – the first meeting is free for new clients).
Hi Salesh, I just wanted to send you an email on behalf of GRA to say how fantastic we have found your company to date. As you know, Ben and I joined GRA a couple of months ago and have just found you so amazingly helpful in getting our new property set up correctly and sorted out. We have what I would consider a rather complicated structure as a result and it’s a fantastic feeling to know that we are getting everything done in the best way possible. We have just had approval to put a minor dwelling on the property which will make a massive difference in terms of cash flow and obviously value, something we would never have even thought of without GRA and which we are very excited about. During the buying process we attended a seminar with Matthew and from the outset thought he was fab. We therein signed up for property school and found this nothing short of fantastic. The content was relevant, up to date and comprehensive, but more importantly it was taught in a way that we could actually understand and really get value out of. I wanted to mention also, that everybody GRA have recommended to us has been just so efficient and absolute masters at what they do. A wonderful network of people that we feel very lucky to now be able to call on. From Kris Pederson and Bryan Rist who put our mortgage together to the insurance guys they then referred us to, I’m super impressed. Within GRA, Ellery has probably turned things around for us faster than I’ve ever known before, something which we appreciated so very much when it came to crunch time. She’s always a pleasure to deal with and again, we’re stoked. We’ve just settled on the property today and are about to go and get the keys. I’m pretty pumped and hence this email is probably rather excitable. So, a massive thank you to you Salesh, the partners for such a fabulous 6 weeks at property school and everyone at GRA for their help. May this be the start of our property empire. Thanks again, - A & B - July 2015
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