The weekly tax table is the ATO’s tool for working out how much PAYG withholding your employer takes from your weekly wages each pay cycle. The amount withheld is calculated using the ATO’s weekly tax table, based on the employee’s week’s pay. This means your PAYG withholding is calculated according to your week’s pay as…
The Medicare Levy Surcharge (MLS) is an additional tax that applies to Australian taxpayers who earn over a certain income and don’t have private hospital cover. Most Australian taxpayers pay the standard Medicare Levy, which is 2% of their income, but the MLS is imposed on higher earners without private hospital cover. Australian taxpayers are…
The Federal Budget for 2025–26, handed down by Treasurer Jim Chalmers on 25 March 2025, puts a strong emphasis on easing cost-of-living pressures and delivering targeted support to individuals and businesses. As we approach an election, many of the measures are designed to deliver practical benefits without introducing sweeping changes. For small business owners, investors,…
Although paying tax is inevitable, most people want to know how to reduce taxable income overall. The good news is that it is possible – as long as you have the right guidance behind you. Did you know that through effective tax planning you could reduce the income tax paid and walk away with more money in your pocket each financial…
The government has confirmed that the Stage 3 tax cuts are in place for most Australian workers as of 1 July 2024. These tax cuts were announced as part of the federal budget and aimed to provide financial relief to Australian workers. This article explains the Stage 3 tax cuts, how they affect employees at…
It’s a common misconception that throwing out those piles of receipts and invoices is permissible once tax season is over. On the contrary – keeping accurate tax records is not only a good idea, but also a legal requirement. If the Australian Taxation Office (ATO) ever questions your tax affairs, it’s up to you to prove the…
As a business owner in Australia, you are likely familiar with Business Activity Statement (BAS) payments. Every quarter, you report your business’s Goods and Services Tax (GST), Pay-As-You-Go (PAYG) withholding, PAYG instalments, and possibly other taxes via your BAS. For many businesses, this can feel like a heavy financial burden, particularly if your cash flow…
The end of the financial year period can be overwhelming, with plenty of tasks and deadlines to juggle. However, being proactive and organised can make the process smoother and less stressful. In this article, we’ll provide you with a comprehensive end-of-financial-year (EOFY) checklist to help you stay on top of your game. Consulting with an accountant or…
If you have stumbled upon this article, then chances are you want to learn how to pay super as an employer to your employees. What is superannuation? To understand how to pay super as an employer, you must first know what Superannuation is. Superannuation is a contribution made by the employer on behalf of the…
Organising ATO payment arrangements can help with dealing with tax debts that can be stressful, especially with those unpaid monthly and quarterly amounts incrementally building very quickly. Many small and medium-sized business owners in Australia have a lot of tax to pay to the tax office and can’t afford it. Fortunately, payment plans with the…
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