Blackburn Accounting - Tax Changes

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Individual income tax rates and threshold changes

On 25 January 2024, the government announced proposed changes to Individual income tax rates and thresholds from 1 July 2024. These changes are not yet law.

From 1 July 2024, the proposed tax cuts will:

reduce the 19 per cent tax rate to 16 per cent
reduce the 32.5 per cent tax rate to 30 per cent
increase the threshold above which the 37 per cent tax rate applies from $120,000 to $135,000
increase the threshold above which the 45 per cent tax rate applies from $180,000 to $190,000.

For more information see Tax cuts to help with the cost of living | Treasury.gov.au

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"Tim has been our accountant for over 10 years and throughout that whole time, he has been very professional, trustworthy, efficient and a pleasure to work with. He has the capacity to understand complex issues and his knowledge is always up to date, providing a quality service."

Gregg Mountford Managing Director – Negotiator WA Pty Ltd

Leon Sainken

"Tim has been our accountant for the last eight years. He has an exceptional understanding of the for ever changing tax landscape which benefits all of his clients. As Tim has moved through his career we have followed, I think that’s testament to his ability!"

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Peter Shewring

"We have known Tim Blackburn since June 2007. He has been our accountant with the Glenrange Global Pty Ltd and Glenrange Enterprises refrigeration electrical engineering business and our food export business Auspies Pty Ltd to Russia."
Peter Shewring
Managing Director – Glenrange Global Pty Ltd

Peter Shewring

"During this time Tim has shown a professional aptitude to all matters of taxation and general advice for and to business, including the exporting business where there has been a high degree of complexity regarding accountancy, business strategies and taxation requirements.
From the exporting company inception, Tim travelled to Russia to facilitate Aussie Pie Pty Ltd for the compliance to both countries taxation regulations requirements.
Tim has the ability to place the customer and/or the company first, a rare commodity in today’s world."
Peter Shewring

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