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New financial year means new tax brackets, our small business accountants in Melbourne will tell you what your tax bracket is

As a resident of Australia you are required to pay a set level of tax that is variable based on your current income. As small business accountants in Melbourne, we want you to be well aware of your tax bracket for the 2018-2019 financial year.

Keep in mind that the below tax rates do not include the 2% Medicare levy, so our accountants for small business in Melbourne will run you through the different tax brackets and their inclusions:

• $0 - $18,200: Nil payments for tax
• $18,201 - $37,000: 19c for every $1 over $18,200
• $37,001 - $90,000: $3,572 plus 32.5c for every $1 over $37,000
• $90,001 - $180,000: $20,797 plus 37c for every $1 over $90,000
• $180,001 and over: $54,097 plus 45c for every $1 over $180,000

With these new changes set in place, you are able to see where you lie for the upcoming tax time in July 2019. It is important for you to be able to stay on track of all spending and investments that you have incurred for the year from now until then to benefit you and your profits. Be sure to ask your small business accountants in Melbourne’s CBD for advice on how to properly manage your tax from now.

As always, feel free to get in contact with our small business accountants in Melbourne with any enquiries you may have or you can check out our services here.