What does this mean for you?
The Australian Government is lowering taxes for working Australians. Changes to the tax rates were designed to back small and medium-sized businesses and support middle income earners.
What has changed?
Individual tax payer
Lowering the 32.5 per cent rate to 30 per cent in 2024-25, increasing the reward for effort by ensuring a projected 94 per cent of taxpayers will face a marginal tax rate of no more than 30 per cent.
Australian income tax rates for 2020/21 (residents)
Backing small-medium business
Fast-tracking the company tax rate cut to 25 per cent for small and medium‑sized companies with an annual turnover of less than $50 million and increases to the unincorporated small business tax discount rate.
How can Walsh Accountants help you?
Eliminate unnecessary stress and uncertainty by knowing just what your tax liability will be for the 2021 Financial Year and scope for the year ahead. Engage our team to complete Tax Planning for you before 15 June 2021.