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Tax saving strategies prior to 1 July 2018

A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.

The tax rates for resident (adult) individual taxpayers for the 2017/18 income year are as follows:

Taxable Income Threshold

Tax Payable1

$0 – $18,200 NIL
$18,201 – $37,000 19% of excess over $18,200
$37,001 – $87,000 $3,572 + 32.5% of excess over $37,000
$87,001 – $180,000 $19,822 + 37% of excess over $87,000
$180,001 and over $54,232 + 45% of excess over $180,000
  1. The Medicare levy of 2% generally applies in addition to these rates.

Contact FSA Partners today