A big tax bill is not necessarily a bad thing; it means you have earned money! However, as we all want to get the most of our income, a tax plan will help you to legally minimise the amount of tax you pay.
How much tax do you pay?
It is possible you could be paying more tax than you need to. This will depend upon a range of factors, including your income level, business structure, etc.
In 2014/2015, the tax rates for individuals are:
|Income||Tax On This Income|
|0 – $18,200||Nil|
|$18,201 – $37,000||19c for each $1 over $18,200|
|$37,001 – $80,000||$3,752 plus 32.5c for each $1 over $37,000|
|$80,001 – $180,000||$17,547 plus 37c for each $1 over $80,000|
|$180,001 and over||$54,547 plus 45c for each $1 over $180,000|
* Plus Medicare Levy
Silvan Ridge Business Advisers provide a range of personal accounting services for individuals. We take the hassle out of organising and planning your financial needs so you are free to enjoy the more important things in life.
Our team of professional accountants and tax agents are on hand to provide superior customers service and work with you to achieve your personal and financial goals. We will discuss your individual accounting needs and present our solutions to you in easy to understand terms.
Accounting services we offer to our individual clients range from preparation and lodgement of annual income tax returns, to advice on legally minimising the amount of tax payable for those with extensive investment portfolios as well as taxpayers with PAYG payment summaries and minimal deductions.
We can also provide advice and assistance in relation to estate planning and trust formation, budgeting, cash flow management and bankruptcy.