New Tax Brackets – What does this mean for you?

Nov 23, 2020

The tax brackets have changed for the 2020-2021 financial year.

Changes include an increase to the upper income threshold:

  • 19% income tax bracket: From $37,000 to $45,000
  • 5% income tax bracket: From $90,000 to $120,000

These changes became effective from July 1 2020.

So, what does this mean for you? If you are currently earning over $37,000 you will now be paying less tax!

How can you make sure the change has taken affect? Your employer will amend your pay accordingly and you should start getting more money in your pay. If you don’t notice a change contact your employer.

If you would like to find out some more information regarding the changes to the tax brackets, feel free to contact our accounting team at tax@faa.net.au or give us a call on 07 5451 0022.

 

 

 

“Got any questions the FAA Team are here to help!”

John Hehir

 

 

Back to Articles

Disclaimer:

The information provided in this blog is general in nature and does not take into account your individual objectives, financial situation or needs. It is not intended to be personal financial, legal, taxation, or investment advice. Before making any decisions, we recommend seeking advice from a licensed financial adviser who understands your specific circumstances. While every effort is made to ensure the information is accurate at the time of publication, Financial Advisers Australia makes no guarantees and accepts no responsibility for any loss arising from reliance on this content.