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?? Australians pay more #tax than they think. For some of us, 65% or more. Yes, even you. Read why and what you can do about it???? ?? As an Australian taxpayer, it's important to understand the different types of #taxes you pay ? Direct taxes, such as income tax and the medicare levy, are levied on your income over a certain threshold ? Indirect taxes, such as the GST, fuel excise and stamp duties, are applied to goods and services you purchase ? Capital gains tax is a tax on any profits you make when you sell an asset for more than what it costs you to acquire All these taxes combined add up, and they are a drain on your #finances. ??The main takeaway is that you are paying way more tax than you are led to believe So make sure you take steps to reduce your total tax liability today!?? Let's be clear it's not about paying no tax. It's about knowing what tax breaks are available to you and ensuring you take advantage of them ?????? Here are 7 strategies to reduce your tax and build wealth tax effectively. https://lnkd.in/giBSF6fH ?? Repost to help your network & follow me Mike Sikar for more money tips PS. Need help to do things right? Message me tax to organise a call #wealthmanagement #investing

As the dust has settled on the past recent election, it’s time to explore what the new Labour government could mean for UK taxpayers.? Here are some key areas to watch:? ? -Wealth Tax Adjustments: Labour may introduce or expand wealth taxes, targeting higher earners and individuals with substantial assets. This could mean a more progressive tax system aimed at increasing tax revenues. ? ? -Income Tax Reforms: There’s potential for changes in income tax brackets or rates, particularly aimed at those in the highest earning categories. This could lead to increased liabilities for those at the top end of the income spectrum. ? -Capital Gains Tax Alignment: Expect moves to align Capital Gains Tax rates more closely with income tax, which could significantly impact those with investment or property portfolios. ? -Inheritance Tax Overhaul: Changes to Inheritance Tax thresholds and reliefs could be on the table, affecting estate planning and intergenerational wealth transfer.? ? -Green Tax Initiatives: To support environmental goals, we might see the introduction of new taxes or incentives aimed at promoting sustainable practices and reducing carbon emissions. As these potential changes unfold, it’s crucial for taxpayers to stay informed and proactive in managing your financial planning. If you have any questions or queries, please contact us or click below to arrange a free consultation:? ? ?? 02890406300? ?? [email protected]? ?? https://lnkd.in/emr9HmxC? ? #UKTax #LabourGovernment #WealthTax #IncomeTax #CapitalGainsTax #InheritanceTax #FinancialPlanning #GrayandPress ?

As most working Australians know, your income is taxed each payday, but the amount of tax you pay depends on how much you earn. It’s known as a progressive tax system, which means the higher your income, the more tax you pay. These tax brackets, as they are known, have varied across certain financial years, although they have been consistent over the past five years, with the current financial year being 2023-24. This article will explain the tax brackets as they currently stand for the 2023-24 financial year, as well as the impact of the stage three tax cuts that are due to come into effect this year after a substantial and controversial makeover by the Albanese Government in January 2024.? https://lnkd.in/gMTJKqst

Starting July 1, 2024, all 13.6 million Australian taxpayers will benefit from a tax cut. This means that most taxpayers will pay less tax each payday and keep more of their earnings. The individual income tax rates and thresholds will change, providing a welcome relief for many. ? To estimate your annual tax cut, you can use the tax cut calculator . This tool is particularly useful as you approach your end-of-financial-year reviews or explore new opportunities. By understanding how much more you’ll take home, you can make better financial decisions for your future. ? These changes aim to ease the tax burden and enhance financial well-being for Australians. Make sure to take advantage of the tax cut calculator to see how much you’ll benefit and plan accordingly for the coming financial year. ? Click here to use the tax cut calculator:?https://lnkd.in/gWGMUwzp ?

??Married couples and civil partners are currently taxed individually, not jointly. This creates a range of tax planning opportunities, particularly (but not exclusively) if you and your husband/wife or partner pay tax at different rates on the top slice of your respective incomes. It is important that you each take advantage of your personal allowance of ￡12,570. Income falling within this allowance is not taxable, but if your income (after certain deductions) is over ￡100,000, the personal allowance is gradually withdrawn. The way in which the withdrawal operates means that in the band of income between ￡100,000 and ￡125,140 you incur an effective tax rate of up to 60% (67.5% in Scotland, thanks to the new advanced rate). For more income tax planning tips, download our guide to strategies for a high tax environment ??: https://buff.ly/450PIVQ #IncomeTaxPlanning #AskCarbon

For 2025, income tax brackets are increasing by 2.7% in the new year to prevent higher prices from pushing Canadians into higher tax brackets. That comes after a 4.7% increase in 2024.

As most working Australians know, your income is taxed each payday, but the amount of tax you pay depends on how much you earn. It’s known as a progressive tax system, which means the higher your income, the more tax you pay. These tax brackets, as they are known, have varied across certain financial years, although they have been consistent over the past five years, with the current financial year being 2023-24. This article will explain the tax brackets as they currently stand for the 2023-24 financial year, as well as the impact of the stage three tax cuts that are due to come into effect this year after a substantial and controversial makeover by the Albanese Government in January 2024.? https://lnkd.in/gEvfkntW

Why pay more tax? Paying tax always feels like a one way street… but there are some ways that the government allow us to pay less. It’s important though, that you know and use them within each tax year (the tax year ends on 5th April ?). There are two key allowances that will reduce the tax you pay: 1) ISA allowance You can save or invest ￡20k per tax year into an ISA… and then, rather than paying tax on what you earn in interest or growth, you keep it all. Super important to use this allowance every year to make your savings and investments tax efficient. 2) Pension allowance You can pay ￡60k per tax year into a personal pension. This can; ? reduce your taxable income and hugely reduce the income tax you pay ? stop you from being caught in the 60% tax trap between ￡100k-￡125k earnings ? reduce your corporation tax by up to ￡15k per year In simple terms… why pay extra tax if you don’t need to, when the government allows everyone to save tax using these vehicles. Of course, getting it right for you is important and if you’re unsure… seek advice to get it right. #tax #financialplanning #money #financialeducation #moneytips #financialliteracy #financialgoals #ukfinance #financialfreedom

The UK’s non-domicile tax status overhaul might not go as planned! ?????? Concerns are rising that the expected revenue to boost public services like the NHS might fall short as wealthy residents consider moving abroad to avoid higher taxes. With significant changes on the horizon, including potential shifts in inheritance tax and foreign income rules, the financial landscape could look very different for non-doms. Feeling unsure about what this means for you? Our tax experts can help navigate these changes. Get in touch to ensure you’re prepared for whatever the new tax regime brings! https://buff.ly/4gJeDmL

Stage 3 Tax Cuts I am sure everyone is looking forward to the stage 3 Tax cuts which will be implemented from?1st?July 2024. Starting from July 1st,? the superannuation guarantee (SG) rate in Australia will also increase from 11% to 11.5% which your employer pays you on your gross salary. Reduction in Tax Rates: 1- The 19% tax rate will be reduced to 16% for incomes between $18,201 and $45,000 with no changes to income threshold. 2- Next tax bracket, The 32.5% tax rate will be reduced to 30% and the income threshold increasing from $120K to $135K. 3- The next 2 tax brackets, the only change is increase in the threshold. Please provide your comments below of what these tax cuts mean for you. Pace Advisory Group #TaxSeason #TaxTime #TaxTips #TaxAdvice #TaxPlanning #Accounting #TaxPro #TaxReturn #FileYourTaxes #australia #sydney#melbourne