Tax cuts

As of tomorrow it’s the new financial year, and that means it’s time for the latest round of tax cuts. Don’t expect a massive difference to your income, unless there will be a big change to your financial circumstances. But you will probably be better off by at least a couple of hundred bucks by this time next year.

Aussies have become accustomed to getting regular tax cuts courtesy of lower tax rates over the last decade or so. If you’ve been earning a steady wage or salary over these years you should’ve noticed that you’re now paying less tax. Haven’t noticed? Righto then, it’s time to get organised.

If you don’t know when you’re paying lower amounts in tax then it probably means this money is being blown. If so, organise with your pay office to have the amount of the tax saving taken out of your pay and put into a savings account before it hits your everyday bank account. This way, you won’t notice a difference in the money in your everyday account, but you will have extra savings, without even trying.

Now that’s a happy new financial year!

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