What’s new in Tax return 2017?

  • New Tax rates

The 2016 Budget contained a proposal to expand the 32.5 cent band from $80,000 to $87,000 which is reflected in the table below.

Tax scale 2016-17

Taxable IncomeTax On This Income (New Rates)
 0 to $18,200 Nil
 $18,201 to $37,000 19c for each $1 over $18,200
 $37,001 to $87,000* $3,572 plus 32.5c for each $1 over $37,000
 * $87,001 to $180,000 $19,822 plus 37c for each $1 over $87,000
 $180,001 and over $54,232 plus 47c for each $1 over $180,000

Tax scale (before amendment)

Tax scale as it was before amendment to expand the 32.5 cent band

Taxable IncomeTax On This Income
 0 to $18,200 Nil
 $18,201 to $37,000 19c for each $1 over $18,200
 $37,001 to $80,000 $3,572 plus 32.5c for each $1 over $37,000
 $80,001 to $180,000 $17,547 plus 37c for each $1 over $80,000
 $180,001 and over $54,547 plus 47c for each $1 over $180,000

Above tax does not include Medicare Levy/Medicare Levy Surcharge

  • b From 1 July 2016, access to the government Parental Leave Pay scheme to be denied where an employee has simultaneous access to employer-funded benefits at the same level or more than the government scheme.

( c) Backpacker tax – Backpackers will not be entitled to Tax Free threshold which means that temporary working holiday makers will be treated as non-residents for tax purposes, regardless of how long they are in Australia.).

(d ) HECS-HELP repayments – HECS repayments for graduates living overseas: Australian graduates living overseas will be brought into the HECS-HELP repayment arrangements based on income  in the 2016-17 tax year.

The voluntary and upfront HECS-HELP payments bonuses will no longer be available after 1 January 2017.

(e ) Work-related car expenses

The ‘cents per kilometre’ and ‘logbook’ methods are now the only available methods.

We have online tax return lodgment facility for our client so that clients do not need to visit the office. You can just fill basic information online. The other option is to send us Email or Fax with your full name, contact number, tax file number and Group certificates (PAYG summaries) and our professional accountant will call you in 15 minutes. We will take your interview to ensure you claim maximum refund. Our accountant will verify all the information from tax office system (Tax Agent portal). Your refund figures and our fees will be emailed to you for approval. Once you approve the figures, then your tax return will be lodged. 2017 Online tax return facility is best option since you do not need any appointment and you can fill your information online.

Start Online Income Tax Return now or you can call us on 0469824086 email us at enquiry@taxrefundonspot.com.au to get quick Tax refund.


Add a Comment

Your email address will not be published. Required fields are marked *