With the recent release of updated tax tables effective from 1st October, 2016 (you can your yours here) to provide for the expansion of the 32.5c tax bracket, I thought it an opportune time to recap what the actual 216/17 individual income tax rates are.
It is important to understand that all of your income is pooled and then these tax rates apply to the total, so if you ask me what the tax is on a particular income item, I’ll need further information to help you.
Here’s the tax table:
||Tax on this income
|0 – $18,200
|$18,201 – $37,000
||19c for each $1 over $18,200
|$37,001 – $80,000
||$3,572 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
Please note that the above rates do not include the Medicare levy of 2% or the Temporary Budget Repair Levy; this levy is payable at a rate of 2% for taxable incomes over $180,000.
*Table reproduced from https://www.ato.gov.au/rates/individual-income-tax-rates/
I can’t believe it’s been a whole year since the launch of Business in Heels – South West Victoria, but here we are celebrating our 1st birthday!
Our 1st birthday event will be held on Wednesday 12th October, 2016 at the historic Proudfoots Boathouse.
We’ll be hearing all about the ins and outs of hiring a virtual assistant – Renae Scholte from Elevation Business Services is extremely passionate about the Virtual Assistant industry as an answer to both the work life balance challenge that faces many of us today, and the need for business owners to find support in navigating an ever changing world of technology and media.
Join us for a flute of bubbly, a canapé and an entertaining evening with like-minded business and professional women having fun with purpose.
Tickets available here.
Nominations for the 2016 Local Council Elections of Warrnambool City Council are now closed and the Council is in Caretaker mode.
A postal election will be held this October, and ballot packs will be distributed between 4 – 6 October.
Voting is of course compulsory, and you must return your ballot pack no later than 6pm on Friday 21 October, 2016 – there are instructions included in your ballot pack on how to do this.
So please keep an eye on your letterbox and take a moment to review all the candidates – use this opportunity to have your say. My only request is that you respect each of the candidates during the voting process and allow each and every elected member of Council the chance to do their job.
If you’re not in the Warrnambool City Council electorate, you can find out about Local Elections for your Victorian Council by clicking here and entering your address.
Referring back to my previous post on SuperStream, the Australian Taxation Office (ATO) have extended the deadline for small businesses to 28 October, 2016.
Many small business have already implemented the changes, but some small businesses needed extra time and the ATO have agreed to provide compliance flexibility to those small businesses who are not yet ready for SuperStream.
If this is you, I encourage you to take action now in making the necessary changes to your small business to be ready by this extended deadline.
Some options to become SuperStream ready include:
- using a payroll system that meets the standard
- using a superannuation fund’s online system; and
- using a superannuation clearing house (such as the ATO’s Small Business Super Clearing House known as SBSCH)