tax cuts- what will you spend yours on?

least when lego defender breaks it easy to repair.

I have to wait till the used defender lego box of blocks shows up at the salvation army shop... missing some bits...

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Originally Posted by Eevo

least when lego defender breaks it easy to repair.

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Cheaper and easier to modify

Well seeing as most people will not get the tax cut money until your next tax return well nothing to spend until then.

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Originally Posted by 101RRS

Well seeing as most people will not get the tax cut money until your next tax return well nothing to spend until then.

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Given the tax cuts are supported by everyone the ATO will change tax rates meaning the Deductions from Payrolls will be reduced in the next few weeks at most[thumbsupbig]

Self employed? The PAYGI rate will change on your December bas or activity statement I assume[biggrin]

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Originally Posted by NavyDiver

Given the tax cuts are supported by everyone the ATO will change tax rates meaning the Deductions from Payrolls will be reduced in the next few weeks at most[thumbsupbig]

Self employed? The PAYGI rate will change on your December bas or activity statement I assume[biggrin]

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You may be right but that not what the Treasurer said this morning when asked this very question - the tax cuts while backdated to 1 Jul 20 will not be able to be collected until tax return time.

Are they an actual reduction in the tax rate or fixed rate refund based on taxable income?

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Originally Posted by 101RRS

You may be right but that not what the Treasurer said this morning when asked this very question - the tax cuts while backdated to 1 Jul 20 will not be able to be collected until tax return time.

Are they an actual reduction in the tax rate or fixed rate refund based on taxable income?

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Some one I worked with in a prior life is stressing. She works with the ATO PAYG Installment and Withholding rates and policy area [bigwhistle][bigwhistle][bigwhistle]

Would buy me a cup of coffee each day if I'm ever allowed out again... [biggrin]

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Originally Posted by 101RRS

You may be right but that not what the Treasurer said this morning when asked this very question - the tax cuts while backdated to 1 Jul 20 will not be able to be collected until tax return time.

Are they an actual reduction in the tax rate or fixed rate refund based on taxable income?

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The Treasurer just clarified - the tax cut will start to be paid through salary from 1 Jan 2021 for the period 1 Jan to 30 June 2021. The taxes accrued this year from 1 Jul 20 to 31 Dec 20 will be paid as a lump sum through tax returns post 1 Jul 2021.

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Originally Posted by 101RRS

The Treasurer just clarified - the tax cut will start to be paid through salary from 1 Jan 2021 for the period 1 Jan to 30 June 2021. The taxes accrued this year from 1 Jul 20 to 31 Dec 20 will be paid as a lump sum through tax returns post 1 Jul 2021.

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"When will I get my tax cut?

With laws from the Budget already before the Parliament, the Government is hoping the cuts can be fast-tracked, meaning your employer could start skimming less tax off of your pay within weeks.

Treasurer Josh Frydenberg says that, with the in-principle support of Labor, the Australian Tax Office (ATO) can begin changing the Pay As You Go rates that determine how much tax your employer withholds each time you get paid.

The changes announced last night amount to about $20 per week extra for a worker earning between $48,000 and $90,000, with people earning more than that getting a larger benefit, up to a maximum of $2,430 per year.

"

The Dec2020 ATO Installment statement or BAS is still my whisper as well.

Your coffee must be expensive HomeStar. I'd get 6 coffees at $3 a pop and have $2 change each week. Happily my cofffee beans mean i get to put it aside for Broome still :)