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New Tax Brackets – What does this mean for you?

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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

 

 

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Important Disclaimer

The information in this article is general in nature and does not take into account your individual objectives, financial situation, or needs. It does not constitute personal financial, tax, investment, or credit advice.
Before making any salary packaging decisions:
  • Consult a registered tax agent for tax advice
  • Consult a licensed financial adviser for financial advice
  • Speak with your employer about your specific employment terms
FAA’s services:
  • General information and administration: Provided by FAA consultants
  • Financial advice: Provided by authorised representatives of Lifespan Financial Planning Pty Ltd (AFSL 229892)
  • Credit assistance (novated leasing): Provided by FAA Group under its Australian Credit Licence
While every effort is made to ensure accuracy, FAA makes no guarantees and accepts no responsibility for any loss arising from reliance on this content. Tax laws and salary packaging rules are subject to change.
John Hehir

John Hehir – Director

CEO and Director of FAA Group Australia. With more than 30 years of experience in financial services, John has helped over 20,000 Australians work towards their retirement goals through strategic financial guidance. His work spans residential property, investment property, and self-managed superannuation strategies, with more than $1 billion in assets guided under his leadership.

Take the next step in your financial journey.

Discover how thousands of Australians have built wealth through smart investment property strategies, SMSF planning, and strategic salary packaging. Learn the proven methods that work.

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