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.
"Roy and his team have grown with Casella Family Brands and provide invaluable advice in assisting with our business success. We have relied on his expertise in consulting, advisory and taxation services to support all our needs. His team of skilled professionals has made sure that all of our companies are covered for taxation and statutory matters."
– John Casella
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– Menol Najdovski
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– Darryl Serafin
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– Keith Fletcher
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– Alex Stavrakoulis
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- Rossetto Farmcare
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- Greg Geltch
"Since taking over the family business in 2012, Roy, Mark and the team have helped us grow from small backyard pool builders into the large commercial building company we are today. They helped set up our business structures and continue to assist us with all our taxation needs. We would recommend Roy Spagnolo & Associates to anyone whether they are starting out or are already an established business."
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- Joshua Vearing, Director Riverina Outbuild
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- Darcy Spinks and Petra Konyit, founders of Two Evolve and Ambition The Label
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