BUSINESS

New tax could push some individuals into higher tax bracket

Thursday 2 May 2019, 12:15PM
By Media Giant
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Within the next five years, a public school classroom teacher in New South Wales is expected to start on AU$69,603 a year, while a teacher in Victoria is expected to begin their career on $77,223. They will be between $600 and $805 a-year-better off under the Coalition's plan compared to Labor.

 

The Coalition says teachers, nurses, tradespeople and police officers will be up to $4000-a-year better off by the middle of the next decade, as an escalating tax cut battle takes centre stage in its election campaigning, according to the Sydney Morning Herald.

 

"They say that these tax cuts will come hell or high water regardless of the state of the economy which means that therefore they will have to cut services if they're going to keep the budget in surplus," Labor's shadow treasurer, Chris Bowen, told ABC radio recently.

 

In a move designed to personalise tax cuts, Treasurer Josh Frydenberg is expected to release new Treasury figures that illustrate to workers how they stand to benefit. For individuals who will soon enter a higher tax bracket, it’s important to understand new tax obligations, which will be crucial to avoid unexpected tax debt.

 

If you’re struggling with end-of-year tax debt, finding a team you can trust is important, and Tax Debt Management is a specialist tax negotiation and settlement service, dealing with over 100 tax cases every year worth over $20 million dollars annually.

 

Located in Parramatta, NSW, Australia, the team at Tax Debt Management offer Australian’s expert assistance with tax debt management, speak to the team today by calling 1800 829 277, or visit www.taxdebtmanagement.com.au for more information.