Ph: 0422 311 350

Tax Tips

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In great news for middle-income earners the middle-income tax bracket has moved from the existing upper threshold of $80,000 to $87,000. This means up to $315 per year more will stay in your pocket than go to the tax man. It's a modest step to ease the pain of bracket creep and welcome news.

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The working holiday is one of the best ways for travel hungry, cash-strapped tourists to enjoy and be able to afford their stay in Australia. At the same time, many industries in Australia have become so accustomed to foreign workers filling key labour positions that the industries are barely viable without these foreign workers, who often travel to regional and remote locations or take otherwise unwanted jobs.

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If you've been to university then you probably have a degree and a Higher Education Loan Program (HELP) debt that's waiting to be paid off. With the financial year ending, as well as an important change coming to the HELP program at the end of the 2016 calendar year, there are good reasons to pay off this debt now in May, rather than paying it off slowly year on year.

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There were a few things to take notice of in this year's federal budget. There is a small change to the personal tax rates, changes to the small business entity threshold, changes to the company tax rate and changes to superannuation.

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If you felt that your land tax bill skyrocketed in the 2014/2015 income year you would be right. This is because the overall value of residential land has increased by 22 per cent. What's interesting is how much the rates of land tax vary by state. If the land value of your investment property is $1 million then the land tax you need to pay for the 2016 financial year is $8,388 in NSW, but in the ACT it is $11,292 and in Victoria it is only $2,975.


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Phone
0422 311 350

Email
infotaxgo@gmail.com

Address
3/2a Martin Place
Mortdale NSW 2223

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