Navigating Tax Landscape: Key Changes for Australians in 2023/24

Australian Tax Landscape

At Plus 1 Group, a leading accounting firm in Shepparton, Victoria, we understand navigating tax changes can be complex. Here’s a breakdown of key tax changes for Australians in the 2023/24 financial year to help you stay informed:

Personal Income Tax

• No Rate Changes: There have been no announced changes to personal income tax rates or thresholds for the 2023/24 financial year. However, with ongoing inflation, “bracket creep” may push you into a higher tax bracket even if your income doesn’t increase significantly.

• Increased Medicare Levy Low-Income Thresholds: The good news is the government has increased the Medicare Levy low-income thresholds. This means more Australians will either be exempt from the Medicare Levy entirely or pay a reduced rate.

Stage 3 Tax Cuts (From 1 July 2024 Onwards)

• Delayed Implementation: The full implementation of Stage 3 tax cuts has been deferred. This means the 32.5% tax bracket will remain for individuals earning between $45,000 and $120,000 for the 2023/24 financial year.

• What to Expect in 2024/25: From 1 July 2024, the 32.5% tax bracket will be lowered to 30% for individuals earning between $45,000 and $200,000. Additionally, the threshold at which the 37% tax rate applies will increase from $120,000 to $135,000. The top marginal tax rate of 45% will also see an increase in the threshold it applies to, from $180,000 to $190,000.

Important Reminders

• Maximise Deductions: Claiming all eligible deductions can significantly reduce your tax bill. Plus 1 Group can help you identify and claim all allowable deductions to minimise your tax liability.

• Superannuation Contributions: Contributing to superannuation offers tax benefits. Consider salary sacrificing or making voluntary contributions to boost your retirement savings and receive tax deductions.

• Record Keeping: Maintaining accurate records of income and expenses is crucial for tax time. Plus 1 Group can assist you with implementing a record-keeping system to ensure a smooth tax return process.

Stay Informed with Plus 1 Group

Tax legislation can be complex and ever-changing. At Plus 1 Group, our team of experienced accountants in Shepparton, VIC, stays current with the latest tax updates and regulations. We can help you understand how these changes might affect your individual tax situation and provide personalised advice to maximise your tax benefits.

Contact Plus 1 Group Today

Don’t navigate the tax landscape alone. Contact Plus 1 Group today to schedule a consultation with one of our experienced tax professionals. We can answer your tax questions, help you claim all your deductions, and ensure you lodge an accurate and timely tax return. With Plus 1 Group by your side, you can face tax time with confidence.

Email or call our friendly team on (03) 5833 3000 today.

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