Tax Tips
REVISED TAX CUTS BILL PASSES BOTH HOUSES

The bill to implement the Labor Government's revised tax cuts has now passed both houses of parliament.  The revised tax meaures include the following which will apply from 1 July 2024:

- Reduce the 19% tax rate to 16%;

- Reduce the 32.5% tax rate to 30% for incomes between $45,000 and a new $135,000 threshold;

- Increase the threshold at which the 37% tax rate applies from $120,000 to $135,000; and

- Increase the threshold at which the 45% tax rate applies from $180,000 to $190,000.


The Medicare Levy low-income thresholds for the 2024 income year will also be increased.

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    The team at Roy Spagnolo & Associates are contributors on making submissions to changes in tax policies especially where they identify a detrimental effect to their client base. This also extends to Roy Spagnolo & Associates' ongoing consultations with the Australian Taxation Office (ATO) and applications for private binding rulings to ensure their clients receive the most favourable tax outcome.

    Roy Spagnolo was instrumental in bringing St Vincent's Private Community Hospital to Griffith after two failed attempts. Roy continues to work tirelessly for the benefit of the local community and sponsors numerous local sporting clubs, individuals and organisations and is also a director of a number of charities.

    Memberships
    Institute of Chartered Accountants (CA)
    Certified Practising Accountants Australia (CPA)
    Chamber of Commerce
    Taxation Institute of Australia
    National Tax & Accountants Associates (NTAA)
    NSW Business Chamber
    Griffith Public Hospital Charity Limited
    Casella Foundation
    Bill Calabria Foundation

    Published in the St Vincent's Curran Foundation Philanthropy Report 2016, is the article 'Building a regional hospital' about Griffith's St Vincent's Private Community Hospital.

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