Personal tax Cuts

Personal Tax Cuts – Not So Soon!!

Hi

Just to clarify a few points re the proposed ( not yet legislated) Personal Tax cuts ( lets focus on the first round )

  • Will not actually lower weekly tax ie you will not get more in each week’s pay packet
  • The idea is to increase the “Lower Earners Tax Offset “ – this is only applied when you lodge your tax return
    SO – if you qualify when you lodge your tax return in 2019 / 2020 the ATO applies an “extra credit “ so tax if everything else was equal
    You would get a larger tax refund or be asked to pay less tax

Money $$ YES – but not so quickly

Personal Income Tax Plan Bill

On 9 May 2018 the Government introduced the Treasury Laws Amendment (Personal Income Tax Plan) Bill 2018.

The Bill introduces the personal tax measures announced in the 2018 Federal Budget which include:

  • a Low and Middle Income Earners Tax Offset of up to $530 applying from 1 July 2018 to 30 June 2022
  • an increase to the Low Income Tax Offset from 1 July 2022 from $445 to $645, and
  • progressively increase the income tax thresholds in 2018/19, 2022/23 and 2024/25.

Ron Ogilvie
O & M Private Wealth

Plan your Retirement

Aged Pension – Significant Changes

I have started discussing this major change to the aged pension with some of you but to bring all up to date

From Jan 2017 the  Assets Test is to be significantly tightened  which will impact many people’s pension.

You may have heard the maximum level of assets people can hold and still be entitled to a pension is being reduced eg. Read more

common mistakes first home buyers make

Buying off the plan – Sounds great BUT beware of the risks!

Many people have enjoyed success “Buying off the Plan”

It’s easy –  before a building is built you sign up , pay just 10% deposit, wait a year or 2 for it to be built and by then it will have risen in value and you have made a nice profit!

BUT  as the attached article explains there can be real problems  –  in essence the rules can change ! Read more

China – from an insider’s view

As always most of the talk remains about China and the most asked question is China’s economy is slowing too fast?

David Thomas, a man who has been visiting and dealing with China for over 20 years, recently visited China and gives some very relevant views.

In essence David supports the view that while China’s amazing growth is certainly slowly
a) it is not stopping &
b) The Chinese know what they are doing (well mostly)

The key points from the attached article include: Read more

Toosl and Resources

“Australian Services Industries employ more people and contribute more to GDP than all other industries combined “

 “Australia’s Jobs Future –

The rise of Asia and the Services opportunities”

The Myer Foundation and Dept of Industry & Science

April 2015  

The attached report outlines the great potential going forward for Australia by tapping into the amazing opportunities in the Services sectors and the huge opportunities opening up in Asia.

Link to article – Services future of Australian Employment September 15

Some key points include Read more