Posted Under: Accounting and Taxation Posted On 24/04/2017
- The Budget Repair Levy which added 2% extra tax on high-income earners for 3 years will no longer apply from 1 July 2017
- The personal marginal tax rate of 37% moves from $80,000 to $87,000 and applies for this financial year 2016/2017. This means that the 32.5% tax rate will apply for taxable income up to $87,000, and will mean a lower tax bill for those earning more than $80,000.
- From 1st July 2017, all individuals under the age of 75 will be permitted to claim tax deductions for personal super contributions (voluntary concessional contributions). Such a measure will assist Australians who may be partly self-employed and partly employed, or individuals who work for employers who don’t accommodate salary sacrificing.