Tax Serve

31/07/2024

Gifts
You can claim a deduction for the cost of gifts bought for work purposes if, you're a salesperson or property manager entitled to receive your income from commission and or retainer.

Gifts you can claim include:

a Christmas hamper
a bottle of whisky
wine
gift vouchers
a bottle of perfume
flowers
a pen set.
You can't claim a deduction if you earn a fixed salary and not entitled to earn a commission.

You can't claim a deduction for gifts that are in the form of entertainment – for example, tickets to attend a live sporting event.

22/07/2024

05/07/2024

Understanding the Recent Tax Cuts in Australia: Starting 1 July 1, 2024
Australia’s tax landscape has undergone significant changes with the introduction of new tax cuts starting on July 1, 2024. These changes aim to provide relief to taxpayers across various income brackets. Let’s delve into what these tax cuts mean and how they affect individuals with different taxable incomes.

Overview of the Tax Cuts
The recent tax reforms have introduced a more streamlined tax bracket system. Here’s a quick summary of the new tax rates:

0% tax rate for income up to $18,200
16% tax rate for income between $18,201 and $45,000
30% tax rate for income between $45,001 and $200,000
45% tax rate for income above $200,000
These changes are designed to simplify the tax structure and reduce the tax burden on middle-income earners.

Examples and Scenarios
1. Low-Income Earner: Sarah
Annual Taxable Income: $25,000

Sarah works part-time and earns $25,000 annually. Under the new tax system, her tax liability is calculated as follows:

Income up to $18,200: $0 tax
Income between $18,201 and $25,000: 16% of $6,800 = $1,088
Total Tax Payable: $1,088

Sarah benefits from a reduced tax burden, making her take-home pay slightly higher than before.

2. Middle-Income Earner: John
Annual Taxable Income: $70,000

John is a full-time employee earning $70,000 per year. Let’s break down his tax liability:

Income up to $18,200: $0 tax
Income between $18,201 and $45,000: 16% of $26,800 = $4,288
Income between $45,001 and $70,000: 30% of $25,000 = $7,500
Total Tax Payable: $4,288 + $7,500 = $11,788

John experiences a reduction in his tax payable compared to the previous tax brackets, resulting in higher disposable income.

3. High-Income Earner: Emily
Annual Taxable Income: $150,000

Emily, a senior manager, earns $150,000 annually. Her tax calculation under the new system is as follows:

Income up to $18,200: $0 tax
Income between $18,201 and $45,000: 16% of $26,800 = $4,288
Income between $45,001 and $150,000: 30% of $105,000 = $31,500
Total Tax Payable: $4,288 + $31,500 = $35,788

Emily sees a significant tax saving, especially in the income range between $90,001 and $180,000, where the tax rate was previously higher.

06/02/2022

Budding Tax Agent. Pathway to Tax Agent.

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23/07/2021

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23/07/2021

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23/07/2021

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23/07/2021

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www.taxserve.com.au