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This article is presented to you by Ian Hallett.

Ian Hallett is a Chartered Accountant with over 15 years experience in public practice in Canberra, including over 3 years as a Senior Tax Manager with Ernst & Young. He commenced practice as Halletts in 1996 and is actively involved in tax and business development consulting. Ian also provides strategic and system-related advice to our clients.

2008/09 Personal tax changes

Once again the new financial year brings welcome tax cuts. The new tax rates starting 1 July 2008 are in the table below.

2008/09

Taxable Income

Tax

Rate

$0 – $6,000

0%

$6,001 – $34,000

15%

$34,001 – $80,000

30%

$80,001 – $180,000

40%

$180,001 +

45%

Plus Medicare Levy of 1.5 per cent

Please ensure that you incorporate these changes when calculating wages. If you have a computerised payroll system you will need to download the latest tax updates from your supplier on 1 July 2008.

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Disclaimer:

The contents of this Bulletin are general in nature. We therefore accept no responsibility to persons acting on the information herein without first consulting us.