Personal Income Tax

Bracket Creep: 3 Ways to Beat it and Keep More of Your Income

It can be very odd to get a salary raise and the gains of the raise are swallowed by a change in your tax bracket. You’re not alone, though, and the fact that a phrase – “Bracket Creep” – exists for it is perhaps consolation. Creating smaller tax brackets and adjusting taxes for inflation are some of them measures the government has taken to combat the effects of bracket creep, but unfortunately, many hard-working citizens are still affected. Because it is not an outright tax increase or other more “malevolent” forms of income reduction, many people are unaware of how much damage bracket creep can do to their incomes. Here’s an illustration of how it works:

How You Can See Australia and Claim Your Expenses Back In Tax

Living a nomadic lifestyle, seeing Australia, meeting new people, having new experiences while working on farms - this is an attractive way of living. To pay your way you can work as a fruit picker or do another type of job. You can move from farm to farm soaking up the sunshine and expanding your life experiences. It sounds great, but there is a bonus - you may be able to claim your expenses as a tax deduction.

Understanding Fringe Benefits

For some people the subject of Fringe Benefits Tax is best left to financial advisers or tax specialists, but the more you know about the system the more you can make it work for you. You don't have to become an expert - you can leave that to the professionals who have the time and motivation to get into the minutia. Having a better understanding of Fringe Benefits Tax, though, will help you when dealing with your employer, your financial adviser, or your accountant. You will be able to ask the right questions, while making sure the right arrangements are in place to meet your financial objectives.

Pay Less Tax And Get More Money Into Your Super - Tip

This is a sweeping generalisation but it will apply to most people - you don't like paying tax (more than you absolutely have to, at least), but you do like boosting your super because you know you will get the benefit from that money in the future. So, here is a way that you can pay less tax every month, and increase the amount of money that is paid into your super.