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Super Facts and Tips

The will be Income Tax Cuts for 2015/2016 Year

Even if the income tax cuts are a dead duck in the short term, cannot routinely index the minimum earnings tax rate limits in line with inflation, employees end up paying more tax due to increases in the cost of living rather than real increases in income.

Way back in 2011, the former ALP federal government revealed income tax cuts that worked from July 2012. They also announced further earnings tax cuts that were prepared from July 1, 2015 (for the year 2015/2016 onwards).

Throughout 2013 though, the former ALP federal government informally announced (drip fed by means of a series of casual comments in numerous interviews) that the earnings tax cuts that that would become effective by July 2015 would no longer happen, due to a budget blowout triggered by "an over-hang from the international monetary crisis and strong Australian dollar".

One minister claimed that the tax cuts were only delayed for a later date, but when a government states 'deferred,' it suggests 'never going to happen'.

What were the proposed income tax cuts for the 2015/2016 year?

The income tax cuts that were to happen from 1 July 2015 were never enacted laws and never happened. The proposed 2015/2016 earnings tax cuts would have raised the tax-free threshold from $18,200 to $19,400, while enhancing the tax rate for those who are making over $37,000 (and under $80,000) by 0.5%. The small increase in the tax rate proposed by this income group was created partly to offset the suggested boost in the tax-free limit.

Current earnings tax rates: The tax cuts that worked from the 2012/2013 fiscal year (and continue to be in place for the 2015/2016 year and future years), includes a tax-free limit of $18,200. Under the present earnings tax guidelines, you can earn up to $20,542 (when considering the Low Income Tax Offset) before the earnings tax becomes payable. Note that before 1 July 2012, the tax-free limit was just $6,000, although you could make up to $16,000 before income tax was payable due to LITO.

Bonus tax alert for high-income earners: Considering that the initial income tax cuts were set, taking effect from the year 2013/2013, the Liberal government revealed a short-lived levy, called the Temporary Budget plan Repair job Levy amounting to an extra 2% of income tax for those with a gross income of more than $180,000. The TBRL, which has been applicable since 1 July 2014, will be applicable till 30 June 2017.

Higher 2% Medicare levy: The previous ALP government enhanced the Medicare levy by 0.5% to fund the National Disability Insurance Scheme. Given that by 1 July 2014, the Medicare levy has enhanced to 2%, from the previous rate of 1.5%, although low-income earners might pay a lower rate of Medicare levy.

This may not be good news to you but itís worth knowing. You can find more good news at www.australiansuperfinder.com.au

All information on this website is of a general nature only. We have not taken into account your financial situation, needs or objectives. You need to make up your own mind and ascertain yourself if it is right for you. We recommend you read the product disclosure statement(s) and the financial services guide before making any financial decision.

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