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During budget week, the government raised the tax free threshold from $6,000 to $18,200. This means employees don't start paying income tax until they earn over $18,200. That represents a great tax saving – however in true yin/yang style, some tax rates have gone up.
Below is a small table I created showing the tax savings an employee could receive on salaries of $40K, $60K and $80K.
Below are the tax rates as announced by the budget.
Finally, I thought I would also note down the changes to the Super Guarantee (SG) contributions rates.
This is just my take on the upcoming law / changes, so please consult your financial advisor for professional advice on these matters before taking any action.
Richard Puffe | Product Manager, LiveAccounts – MYOB
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