Changes to income tax rates from July 1, make this end of financial year more important than ever.
The stage three tax cuts will reduce the amount of tax all workers pay in the next financial year. To use this change to maximum advantage, the message this tax time is to bring deductions forward to lower assessable income this financial year and push income into the following financial year when lower tax rates will apply.
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Michelle Bowes writes about wealth from our Sydney newsroom. She has more than 20 years of experience as a business journalist and is the author of Money Queens: Rule your Money, an award-winning personal finance book for teenage girls. Email Michelle at michelle.bowes@afr.com
