Income Splitting Part 2 – Tax Tips
If you’re single or both you and your spouse fall under the highest tax brackets, you may want to consider establishing an investment company. This type of company is subject to a flat tax rate of 30%, which can be reduced to 25% if the company earns at least 20% of its income from non-passive sources and has an annual turnover below the […]
Income Splitting Part 1 – Tax Tips
If you’re looking to maximise your tax refund or minimise your tax payable, there are a few key strategies that you can employ. One effective approach is to place all of your investments under the name of the spouse with the lower income to benefit from the lower tax rates, especially the tax-free amount of $18,200. On the other […]
Marriage – Tax Pitfalls
When determining eligibility for benefits from the Family Assistance Office such as childcare rebates and family tax benefits, the total income of married couples is taken into consideration. Additionally, if the couple earns a combined income of over $180,000, they will be subject to an additional 1% Medicare levy. This levy increases to 1.5% for couples earning more than $280,000 if they do not […]
Marriage – Tax Facts
Starting from 1st July 2009, individuals who are in same-sex relationships are granted equal treatment to heterosexual couples in terms of tax. The Australian Taxation Office has specified certain tax benefits that are now available to same-sex couples such as Medicare levy reduction or exemption Medicare levy surcharge Dependent (invalid or carer) tax offset Senior and Pensioner tax offset Spouse super contributions tax offset Main […]