Ph: 0422 311 350

Tax Tips

Sometimes hard work really does pay off and if you've recently received a bonus at work then congratulations to you!

There are lots of tax considerations when it comes to getting a one-off bonus. For instance, it can push a PAYG employee's pay packet into a higher tax bracket and incur paying too much tax. So how can we calculate the tax properly and not pay too much tax when we get a bonus?

It's quite wise to introduce children to the concept of saving when they are young. Many parents and grand-parents will start a small bank account for their children and encourage them to put their pocket money in it for something they really want. Over time, regular deposits plus money from birthdays or Christmas or even part-time earnings such as working at McDonald can really add up. Who pays the tax on any interest earned on these accounts? Is it the parent or the child?

With superannuation taking up almost 10% of your salary it is vital to continuously evaluate your super funds performance, fees and insurance. So which super funds are currently performing best?

For a lot of Australians that pot of gold might seem a long way off but with some planning and some self interest and some good health you will live to see it!

So what are the facts about Super to be aware of?

On 14 May 2013, the government announced that the 2013–14 budget will phase out the Net Medical Expense Tax Offset (“NMETO”), with it being phased out completely in July 2019. That may seem a long way off, but there was a 'catch'.


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