The Government’s revised Stage 3 tax cuts have passed.
Effective 1st July, 2024, there are changes to a number of thresholds and tax brackets.
What does this mean for you?
- There is opportunity to make contributions to Superannuation and boost your retirement savings with the tax savings
- Your marginal tax rate may be higher than anticipated next year and it is worth reviewing your tax minimisation strategies
- It is important to consider the timing of any tax strategies – this financial year or next? – including;
- Employment termination payments that may be in the works
- Considering the timing of selling assets to manage CGT outcomes
- Considering when to make tax deductible expenses
We encourage you to give our office a call on 1300 014 368 if you would like any information as to how the tax cuts may impact your personal situation and the impact on any strategies.
