Medicare Levy Surcharge Changes – What You Need to Know in 2025 As of 1st July 2024, changes have been introduced that impact the Medicare Levy Surcharge (MLS) and the Private Health Insurance Rebate in Australia. These adjustments are essential for anyone who may be affected by income thresholds or considering private health insurance, as […]
2024 Tax Tables The income tax rates for the 2023-2024 financial year (which runs from 1 July 2023 to 30 June 2024) are as follows: Note that these rates do not include the Medicare Levy, which is an additional 2% tax on most taxpayers’ income that helps fund Australia’s public health system. There is also […]
In today’s dynamic economy, many individuals are considering taking on a second job to supplement their income or pursue their passions. However, before embarking on this journey, it’s crucial to understand the implications that having a second job can have on your overall income and financial situation. Having a second job can significantly impact your […]
Introduction Established in June 1996, Highland Accounting Services is a trusted registered tax agent and accounting firm located in Adelaide’s northeastern suburb of Gilles Plains. With a team consisting of a full-time accountant and a part-time accountant, we are dedicated to providing excellent service to our clients. In today’s fast-paced business landscape, online accounting software […]
Party Like a Rockstar Who says tax season can’t be fun? You’ve worked hard all year and deserve a chance to blow off some steam, right? Take that tax refund and party like a rockstar! Rent a luxurious hotel room or Airbnb, buy expensive champagne and liquor, and invite all your friends for an unforgettable […]
It’s July, and you’ve received your PAYG payment summaries. Now it’s time to lodge your tax return and, if you’re fortunate, you might be eligible for a refund. In fact, the Australian Taxation Office (ATO) reports that the average tax refund in Australia is just over $2,800. While it’s easy to think of this as […]
Understanding the distinction between a hobby and a business can be crucial in determining your tax obligations in Australia. Many individuals engage in hobbies that sometimes generate income, and it’s essential to understand when the Australian Taxation Office (ATO) might consider your activity to be a business, subject to tax. Myth of the Fixed Threshold […]
Save Tax by Getting Private Health Insurance Before June 30th Private health insurance has become a prevalent topic, especially when it comes to saving tax in Australia. With the end of the financial year looming, it’s common to see a surge in advertisements and media campaigns promoting private health insurance as a key strategy to […]
With the end of the financial year comes an exciting opportunity for many Australians — the tax refund. On average, Australians receive around $2,500 back from their tax returns, providing a perfect opportunity to invest in something beneficial. If you’re keen to make a positive impact on the environment while also being financially smart, you’re […]
Understanding the Australian Superannuation Co-contribution: A Guide for Low and Middle-Income Earners The Australian Superannuation Co-contribution is a valuable government initiative designed to help low and middle-income earners save more effectively for their retirement. By making personal after-tax contributions to your superannuation account, you may be eligible to receive a co-contribution from the government, giving […]
I am currently working on a client, that has not lodged a tax return since 1996. When you prepare tax returns over a 14 year period in a single sitting, you notice some real changes to the tax rates. For instance, from 1st July 2009, the Low Income Tax Offset starts to reduced to $34,000 […]