Australian Resident Tax Rates 2021/22 Financial Year Taxable income Tax on this income 0 – $18,200 Nil ($0) Tax $18,201 – $45,000 19 cents for each $1 over $18,200 $45,001 – $120,000 $5,092 plus 32.5 cents for each $1 over $45,000 $120,001 – $180,000 $29,467 plus 37 cents… Read More »What percentage of tax do I pay in Australia?
The Reserve Bank of Australia (RBA), Board decided to increase the cash rate target by 50 basis points to 85 basis points. It also increased the interest rate on Exchange Settlement balances by 50 basis points to 75 basis points. ‘Core’ inflation, which is currently 3.7%, is forecast to… Read More »RBA Increases cash rate
The Australian Taxation Office (ATO) anticipates that COVID-19 will continue to impact the income and deductions taxpayers will be reporting this tax time. This tax time taxpayers need to be aware of changes in circumstances that may affect what needs to be included as income… Read More »COVID-19 and your tax done right
ASIC is asking directors & preparers of annual and half-year reports and auditors to assess whether companies’ 2022 annual and half-year financial reports are providing useful and meaningful information for investors and other users alike. ASIC details the main areas of focus for this company… Read More »ASIC: Focus areas for company reporting
The Australian Taxation Office (ATO) has indicated the four key focus areas for the 2021/2022 Financial Year. The ATO will be focusing on: record-keeping work-related expenses rental property income and deductions, and capital gains from crypto assets, property, and shares. These ATO priority areas will… Read More »Four focus area’s for the ATO this tax time
From the 2021–22 income year, companies that are base rate entities must apply the 25% company tax rate. The rate was previously 27.5% from the 2017–18 to 2019–20 income years and 26% in the 2020–21 income year. For your company to be a ‘base rate… Read More »ATO – lower company tax rate
How portable long service leave works The Portable Long Service Benefits Scheme allows workers in community services, contract cleaning and security to take their long service entitlement with them if they change jobs but stay in the industry. From 1 July 2019, businesses with workers… Read More »Portable Long Service Leave – VIC Gov
The SRO have released an updated ruling regarding the taxation of land held by charities. Ruling No: LTA-009 replaces the older ruling regarding the taxation of land. Land is exempt from land tax under section 74 of the Land Tax Act 2005 (the Act) if the Commissioner… Read More »State Revenue Office (SRO) Land tax – charity exemption
From 1 July 2022, you will need to pay super for your employees who are under 18 years old if they work more than 30 hours for you in a week. This is because of changes to the super rules for under-18s (young adults). The $450-per-month… Read More »Changes to super for under-18s
As a company director you are responsible for ensuring that the company’s tax and super obligations are reported and paid on time. If your company does not pay certain liabilities by the due date, the ATO can recover these amounts from you personally as a… Read More »ATO: Directors Tax & Super liability