Written by Sheppard-Hanson-Accountants on July 29, 2019 in Practice Updates

2018/19 Individual Tax Return Checklist

A good strategy to reduce tax payable is normally to accelerate any income tax deductions into the current income year, which will reduce overall taxable income in the current year.

The tax rates for resident (adult) individual taxpayers for the 2018/19 income year are as follows:

Taxable Income threshold Tax payable 1.

0 – $18,200                                Nil
$18,201 – $37,000                  19% of excess over $18,200
$37,001 – $90,000                 $3,572 + 32.5% of excess over $37,000
$90,001 – $180,000              $20,797 + 37% of excess over $90,000
$180,001 and over                  $54,097 + 45% of excess over $180,000
1. The Medicare levy of 2% generally applies in addition to these rates

Common claims made by individuals

The following outlines common types of deductible expenses claimed by individual taxpayers, such as employees and rental property owners, plus some strategies that can be adopted to increase deductions for the 2018/19 income year.

Read more….2019_Individual_Tax_Return_Checklist.pdf

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