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Keeping Your Personal Information Personal

An alarming number of crimes in Australia have been mapped to stolen identities. When criminals have access to personal information they may pose as the individual without the person having any clue.This explains why we must stay alert and keep our identity documents / information protected. Personal information and identity documents comprise of one’s full name, current address, date of birth, Tax File Number, details regarding bank account, credit card, birth certificate, passport, driving licence etc. Thieves maysucceed in collecting...

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Basic Tax Related Information for 2015 – 16

For the financial year 2015 -16, tax rates come into effect from 1st July. The tax rates largely vary based on the taxableincome and residency status. The tax rates Australian residents for tax purposes are as follows,this excludes 2% medicare levy as well as the temporary budget repair levy. The latter is applicable at a rate of 2% when the taxable income exceeds $180,000. Taxable income Tax on this income 0 – $18,200 Nil $18,201 – $37,000 19c for each $1 over $18,200 $37,001 – $80,000 $3,572 plus 32.5c for each $1 over...

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Key Benefits of Salary Packaging

What exactly is salary packaging? The Australian Taxation Office allows restructuring of one’s income in such a manner that the pre-tax salary can be used as disposable income. This arrangement is known as salary packaging. It is popular as it results in lesser amount being left as taxable income and therefore brings greater savings. Is salary packaging popular in Australia? Yes many individuals are benefiting after getting their salary packaged. Employers are increasingly offering non-cash benefits. In the traditional scenario the...

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