Oracle Accounting Group

Facing tough business decisions? You don’t have to go it alone.

At Oracle Accounting & Wealth, we offer expert guidance to help you navigate every stage of your business journey. From start-up advice to growth strategies, we’re here to ensure you make informed decisions that drive success.

Looking for strategic business advice? Contact us today!

💡 How to Reduce the Tax You Pay 💡

You can reduce the amount of tax you pay if:
✅ You’re eligible for tax deductions or offsets
✅ You choose to salary package (salary sacrifice)

Salary Packaging
Salary packaging (or ‘salary sacrificing’) is when you swap part of your salary for benefits, like superannuation or car payments. 🚗💼

By reducing your salary this way, you can lower your taxable income. However, remember that the items or services you receive through salary packaging can't be claimed as deductions.

Want to learn more? Check out the ATO website for details!

💡 How to Reduce the Tax You Pay 💡

You may be able to reduce the amount of tax you pay if:
✅ You’re eligible for tax deductions or offsets
✅ You choose to salary package (salary sacrifice)

Tax Deductions can lower your taxable income! Some common deductions include:
💼 Work-related expenses
🧑‍💼 Union fees
❤️ Charitable donations
💰 Costs of managing your tax affairs (e.g., paying an accountant)

For more tips on reducing your tax, check out the ATO website!

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Oracle Accounting & Wealth | Ultimo, NSW ★★★★★ Love our book keeper!

💡 What is the Medicare Levy & Surcharge? 💡

Most Australians pay a Medicare Levy, which is 2% of your taxable income. It’s part of your annual income tax assessment.

If your income is lower, you might pay less, or even be exempt from the levy. 🏷️

But there’s more—if you and your family don’t have a certain level of private health insurance and your income exceeds a certain threshold, you may also need to pay a Medicare Levy Surcharge (between 1.0% and 1.5%).

For more details, check out the ATO website! 🖥️

📢 Important Tax Update! 📢

Did you know that starting 1st July, 2024, there has been changes to Individual income tax rates and thresholds?

Here’s a quick rundown of what’s changed:

✅ The 19% tax rate has dropped to 16%
✅ The 32.5% tax rate has dropped to 30%
✅ The threshold for the 37% tax rate has risen from $120,000 to $135,000
✅ The threshold for the 45% tax rate has risen from $180,000 to $190,000

These tax cuts are now law, and they could have a positive impact on your next tax return!

Happy International Women’s Day from Oracle Accounting & Wealth! Today, we celebrate the achievements of women everywhere and acknowledge the importance of equality and empowerment. Let’s continue to inspire and support one another.

Managing Your Tax with PAYG Instalments 💡

Whether you’re running your own business or earning investment income, planning ahead for your tax can help keep your cash flow healthy. That’s where PAYG instalments come in! Here’s how it works:

1️⃣ You enter the PAYG instalments system (automatically or voluntarily). 2️⃣ Make regular payments (usually every 3 months), based on your business or investment income. 3️⃣ When you lodge your tax return, the PAYG instalments you've already paid are offset against your tax, leaving you with little or no extra tax to pay.

Note: PAYG instalments are different from PAYG withholding – which is when employers withhold tax from employee wages throughout the year.

Stay ahead of your tax and keep your finances on track! 💸 "

Need to Withhold Tax from Payments? Register for PAYG Withholding! 💼💸

If you need to withhold tax from payments made to your workers or businesses, you must register for PAYG withholding before making your first payment that’s subject to withholding. Even if you don’t withhold any tax, registration is required.

✅ You can easily register for an Australian Business Number (ABN), GST, PAYG, and a business name all at once on the Australian Business Register.

💡 If you need to withhold tax but don’t need an ABN, you can still register for a PAYG withholding account.

Stay on top of your tax responsibilities to keep everything running smoothly! "

Important reminder to update your ABN details! 📅

Did you know that you're legally required to notify the Australian Business Register (ABR) within 28 days if there are any changes to your business details? This includes changes to:

🔹 Postal, email, or business address
🔹 Associates
🔹 Main business activity
🔹 ACN or ARBN
🔹 Public officer details (must be in writing)
🔹 Trustee names

Don’t forget to also update us if there are changes to your:
🔹 Entity or business name (with ASIC)
🔹 Authorised contact person
🔹 Financial institution account details

Stay compliant and avoid any penalties! 📝 "