*Email sent on Friday the 3rd July From Steve Taylor to his Clients
GovernmentNEW tax rates as from 01/07/09
Please find set out below the new income tax rates applicable from 01/07/09.
If you are having a tax refund each pay, please contact your accountant for an adjustment.
This used to be referred to as“Section 221d”but is now generally referred to as“Withholding Tax Variation”
This has to be applied for each year.
$35,000 – $80,000 = 30%Tax +1.5% Medicare Levy= 31.5% in the dollar
$80,000 - $180,000 = 38%Tax + 1.5% Medicare Levy= 39.5% in the dollar
over 180,000 =45%Tax+ 1.5% Medicare Levy= 46.5% in the dollar
Taxable income
Tax on this Income
$0 – $6,000
Nil
$6,001 – $35,000
15c for each $1 over $6,000
$35,001 – $80,000
$4,200 plus 30c for each $1 over $34,000
$80,001 – $180,000
$18,000 plus 38c for each $1 over $80,000
Over $180,000
$58,000 plus 45c for each $1 over $180,000
NB: above rates do not include the medicare levy or surcharge
*Email sent on Friday the 5th June From Steve Taylor to his Clients
A MUST READ!
In my opinion it would be prudent to NOW discusslocking in interest ratesfor all or part of you loans. For your home loan, part variable gives you the option of eitherpaying in advanceor having a 100% offset savings account.
For your investment loan it may well be prudent to lock in a rate for up to 10 years,in view of thehigh inflationrate I predict in the next 2-3 years
Please discuss the situation with your banker.
.DISCLAIMER: The figures presented are estimated only and no representation is given in respect – of any profit or gain to be projected
