MY AUDIT in Sydney, Australia | Financial service

MY AUDIT

Locality: Sydney, Australia

Phone: +61 2 9750 5091

Address: CBD 2000 Sydney, NSW, Australia

Website: http://www.myaudit.com.au

Likes: 48

Add/Update information

Reviews

Tags

• Business service
• Accountant
• Financial service

24.01.2022 Some Accountants are misusing SMSF Auditor’s Number. How scary is that?

16.01.2022 Stop fraud, report properly.

12.01.2022 Changes announced in the 201819 Budget. The changes announced in the 201819 Budget that are now law, include: Changes to income tax rate thresholds in the 201...819, 202223 and 202425 income years a new low and middle income tax offset to reduce the tax payable by low and middle income earners in the 201819, 201920, 202021 and 202122 income years a new low income tax offset from the 202223 income year (to replace both the new low and middle income tax offset and the current low income tax offset). The following table outlines the rates and thresholds that apply, along with the offset entitlements related to these changes. Updated rates, tax thresholds and offset entitlements Rate Tax free From 1 July 2018 Income range ($) 018,200 From 1 July 2022 Income range ($)018,200 From 1 July 2024 Income range ($) 018,200 19% Respectivley: 18,20137,000 18,20141,000 18,20141,000 32.5% Respectivley: 37,00190,000 41,001120,000 41,001200,000 37% Respectivley: 90,001180,000 120,001180,000 45% Respectivley: >180,000 >180,000 >200,000 New low and middle income tax offset respectivley: Up to 530 Current low income tax offset respectivley: Up to 445 New low income tax offset respectivley: Up to 645 Up to 645 Increased income tax rate thresholds There are a number of new income tax thresholds for the 201819, 202223 and 202425 income years. These changes apply to residents, foreign-residents and working holiday makers. Pay as you go (PAYG) withholding rates and schedules will be updated to include these changes. The increased income tax thresholds are as follows: For 201819, 201920, 202021 and 202122, income years Increase the top threshold of the 32.5% tax bracket will increase from $87,000 to $90,000. For 202223 and 202324, the top threshold of the 19% tax bracket will increase from $37,000 to $41,000 the 32.5% bracket will increase from $90,000 to $120,000. For 202425 income year onwards, the top threshold of the 32.5% tax bracket will increase from $120,000 to $200,000. New low and middle income tax offset A new low and middle income tax offset applies for 201819, 201920, 202021 and 202122 income years. Australian resident individuals (and certain trustees) whose income does not exceed $125,333 are entitled to the new low and middle income tax offset. Entitlement to the new offset is in addition to the existing low income tax offset, and is available on assessment after you lodge your income tax return. If your income: does not exceed $37,000 you are entitled to $200 exceeds $37,000 but does not exceed $48,000, you are entitled to $200 plus 3% of the amount of the income that exceeds $37,000 exceeds $48,000 but not $90,000, you are entitled to $530 exceeds $90,000 you are entitled to $530 less 1.5% of the amount of the income that exceeds $90,000. New low income tax offset A new low income tax offset applies for 202223 and later income years. The new low income tax offset replaces both the current low income tax offset and the low and middle income tax offset. Consistent with the current low income tax offset, individuals with taxable income that does not exceed $66,667 (as well as certain trustees taxed on behalf of individuals) will be entitled to the new low income tax offset. The amount of the new low income tax offset is $645, reduced by: 6.5% of the amount by which your income exceeds $37,000 but does not exceed $41,000 a further 1.5% of the amount for income above $41,000.

02.01.2022 Excited to introduce LOANS POINT - another added service for our clients.