Fantastic news that all 3 stages of the Liberal Party’s proposed tax cuts passed through the Senate yesterday.
The first stage is effective immediately and increases the rebate for low and middle income earners from $530 to $1,080.
The second stage applies from 1 July 2022 and increases the top threshold for the 19% tax rate to $41,000 and increases the threshold from where the 32.5% rate applies from $90,000 to $120,000.
The third stage, which applies from 1 July 2024 reduces the number of tax brackets which will be as follows (exclusive of Medicare):
$18,201 – $45,000 = 19%
$45,001 – $200,000 = 30%
$200,001 + = 45%
Hopefully lower tax rates, lower interest rates, further support for first home owners and an uptick in mining can breathe some new life into the local economy.
Mark has helped us immensely to understand our financial position, these guys are not just tax agents, they fully understand all aspects of business.
Daniel and his team at Tactica Partners have been taking care of me, my family and my company's accounting needs and I highly recommend him and the team. They've made getting tax done so easy and Daniel is an amazing accountant and extremely thorough and helpful.
…very professional, well prepared and organised. They have given us great business and personal tax advice, offered us good business insights, and more general personal planning advice too.
They continually deliver on all aspects of their service offering. …..we appreciate the substantial assistance they have provided in managing our bookkeeping function and providing proactive tax and accounting advice. We value their ongoing input in helping us strive for continual improvement on our reporting processes and delivery of timely information to our US office.
At last! An accountant who has "not" had a totally successful charisma bypass operation! Sensible and knowledgeable advice. Excellent!
Mark H and Helen have given us wonderful support for our family and business accounting for several years now. When I got my first invoice I grumbled……. not now. We can see the savings and feel the security for ourselves.