Cleverly Accounting

Cleverly Accounting Bookkeeping, BAS, Payroll, Tax Returns, Tax Planning, Virtual CFO, Business Setup, Business Valuation, Accounting System Integration, Data Visualisation

๐ˆ๐Ÿ ๐ฒ๐จ๐ฎ'๐ซ๐ž ๐ซ๐ฎ๐ง๐ง๐ข๐ง๐  ๐š๐ง ๐ž๐‚๐จ๐ฆ๐ฆ๐ž๐ซ๐œ๐ž ๐ฌ๐ญ๐จ๐ซ๐ž ๐š๐ง๐ ๐ฌ๐ญ๐ข๐ฅ๐ฅ ๐๐จ๐ข๐ง๐  ๐ฒ๐จ๐ฎ๐ซ ๐›๐จ๐จ๐ค๐ค๐ž๐ž๐ฉ๐ข๐ง๐  ๐ฆ๐š๐ง๐ฎ๐š๐ฅ๐ฅ๐ฒ, ๐ข๐ญ'๐ฌ ๐ญ๐ข๐ฆ๐ž ๐ญ๐จ ๐ฌ๐ญ๐จ๐ฉ ๐ญ๐ก๐ž ๐ฌ๐ญ๐ซ๐ž๐ฌ๐ฌ.Platforms l...
11/04/2025

๐ˆ๐Ÿ ๐ฒ๐จ๐ฎ'๐ซ๐ž ๐ซ๐ฎ๐ง๐ง๐ข๐ง๐  ๐š๐ง ๐ž๐‚๐จ๐ฆ๐ฆ๐ž๐ซ๐œ๐ž ๐ฌ๐ญ๐จ๐ซ๐ž ๐š๐ง๐ ๐ฌ๐ญ๐ข๐ฅ๐ฅ ๐๐จ๐ข๐ง๐  ๐ฒ๐จ๐ฎ๐ซ ๐›๐จ๐จ๐ค๐ค๐ž๐ž๐ฉ๐ข๐ง๐  ๐ฆ๐š๐ง๐ฎ๐š๐ฅ๐ฅ๐ฒ, ๐ข๐ญ'๐ฌ ๐ญ๐ข๐ฆ๐ž ๐ญ๐จ ๐ฌ๐ญ๐จ๐ฉ ๐ญ๐ก๐ž ๐ฌ๐ญ๐ซ๐ž๐ฌ๐ฌ.

Platforms like Amazon and Shopify donโ€™t make it easy โ€” payouts include sales, refunds, shipping income, fees, GST... all lumped together.

Thatโ€™s where A2X can help.

โœ… A2X automatically syncs sales, fees, refunds, and taxes from Shopify, Amazon, eBay, and Etsy into Xero or QuickBooksโ€”no more manual entries or errors.
โœ… It breaks down payouts into clear summaries, so you can see how much you really earned after fees and costs.
โœ… By automating reconciliations and posting entries in bulk, A2X cuts down hours of bookkeeping work
โœ… A2X helps track GST accurately and supports multi-currency transactions, which is crucial if youโ€™re selling across countries.

-โ†’ We can help you get A2X set up and make sure everythingโ€™s running smoothly โ€” so you can focus on growing your business, not chasing numbers.
Contact us today to get help!

๐Ÿ“ข ๐’๐ฎ๐ฉ๐ž๐ซ ๐๐š๐ฒ๐ฆ๐ž๐ง๐ญ ๐ƒ๐ž๐š๐๐ฅ๐ข๐ง๐ž ๐‘๐ž๐ฆ๐ข๐ง๐๐ž๐ซ! ๐Ÿ“ข๐“๐ก๐ž ๐๐ž๐š๐๐ฅ๐ข๐ง๐ž ๐ญ๐จ ๐ฉ๐š๐ฒ ๐ฌ๐ฎ๐ฉ๐ž๐ซ๐š๐ง๐ง๐ฎ๐š๐ญ๐ข๐จ๐ง ๐Ÿ๐จ๐ซ ๐ญ๐ก๐ž ๐ช๐ฎ๐š๐ซ๐ญ๐ž๐ซ ๐ž๐ง๐๐ž๐ ๐Ÿ‘๐Ÿ ๐Œ๐š๐ซ๐œ๐ก ๐ข๐ฌ ๐Ÿ๐Ÿ– ๐€๐ฉ๐ซ๐ข๐ฅ. โณTo a...
09/04/2025

๐Ÿ“ข ๐’๐ฎ๐ฉ๐ž๐ซ ๐๐š๐ฒ๐ฆ๐ž๐ง๐ญ ๐ƒ๐ž๐š๐๐ฅ๐ข๐ง๐ž ๐‘๐ž๐ฆ๐ข๐ง๐๐ž๐ซ! ๐Ÿ“ข

๐“๐ก๐ž ๐๐ž๐š๐๐ฅ๐ข๐ง๐ž ๐ญ๐จ ๐ฉ๐š๐ฒ ๐ฌ๐ฎ๐ฉ๐ž๐ซ๐š๐ง๐ง๐ฎ๐š๐ญ๐ข๐จ๐ง ๐Ÿ๐จ๐ซ ๐ญ๐ก๐ž ๐ช๐ฎ๐š๐ซ๐ญ๐ž๐ซ ๐ž๐ง๐๐ž๐ ๐Ÿ‘๐Ÿ ๐Œ๐š๐ซ๐œ๐ก ๐ข๐ฌ ๐Ÿ๐Ÿ– ๐€๐ฉ๐ซ๐ข๐ฅ. โณ

To avoid penalties and ensure your employeesโ€™ super is paid on time:
โœ… Process payments early to allow for clearing house processing times
โœ… Double-check contributions are correct
โœ… Keep records of payments for compliance
Late payments may attract the Super Guarantee Charge (SGC), so donโ€™t leave it to the last minute!
Need help? Weโ€™re here to assist. ๐Ÿ’ผ๐Ÿ”

07/04/2025

๐‡๐จ๐ฐ ๐ญ๐จ ๐ฉ๐š๐ฒ ๐ฅ๐ž๐ฌ๐ฌ ๐ข๐ง ๐œ๐š๐ฉ๐ข๐ญ๐š๐ฅ ๐ ๐š๐ข๐ง๐ฌ ๐ญ๐š๐ฑ? ๐Ÿค”
โžก๏ธWatch our video to learn simple ways to reduce what you owe.

๐Ÿก ๐‹๐š๐ง๐ ๐“๐š๐ฑ ๐“๐ก๐ซ๐ž๐ฌ๐ก๐จ๐ฅ๐๐ฌ ๐›๐ฒ ๐’๐ญ๐š๐ญ๐ž โ€“ ๐…๐˜๐Ÿ๐Ÿ“ Owning property? You might be liable for land tax if your land value exceeds certa...
04/04/2025

๐Ÿก ๐‹๐š๐ง๐ ๐“๐š๐ฑ ๐“๐ก๐ซ๐ž๐ฌ๐ก๐จ๐ฅ๐๐ฌ ๐›๐ฒ ๐’๐ญ๐š๐ญ๐ž โ€“ ๐…๐˜๐Ÿ๐Ÿ“
Owning property? You might be liable for land tax if your land value exceeds certain thresholds. Hereโ€™s a quick breakdown by state ๐Ÿ‘‡

๐Ÿ“ ๐๐’๐– โ€“ $1,075,000
๐Ÿ“ ๐•๐ˆ๐‚ โ€“ $50,000
๐Ÿ“ ๐๐‹๐ƒ โ€“ $600,000
๐Ÿ“ ๐–๐€ โ€“ $300,000
๐Ÿ“ ๐’๐€ โ€“ $732,000
๐Ÿ“ ๐“๐€๐’ โ€“ $125,000
๐Ÿ“ ๐€๐‚๐“ โ€“ No threshold (land tax applies to all investment properties)
๐Ÿ“ ๐๐“ โ€“ No land tax ๐Ÿ™Œ

โš ๏ธ Note: These thresholds apply to ๐ญ๐š๐ฑ๐š๐›๐ฅ๐ž ๐ฅ๐š๐ง๐ ๐ฏ๐š๐ฅ๐ฎ๐ž, not market value, and rates may vary depending on the structure (e.g. trust-held property).
๐Ÿ’ก Tip: If you own land in multiple states, your liability is calculated per state โ€“ not combined.

๐Ÿšจ๐Œ๐˜๐“๐‡: โ€œ๐ˆ ๐จ๐ฉ๐ž๐ซ๐š๐ญ๐ž ๐š๐ฌ ๐š ๐œ๐จ๐ฆ๐ฉ๐š๐ง๐ฒ, ๐ฌ๐จ ๐ˆ ๐ฉ๐š๐ฒ ๐ญ๐š๐ฑ ๐š๐ญ ๐ญ๐ก๐ž ๐Ÿ๐Ÿ“% ๐œ๐จ๐ฆ๐ฉ๐š๐ง๐ฒ ๐ซ๐š๐ญ๐ž ๐ข๐ง๐ฌ๐ญ๐ž๐š๐ ๐จ๐Ÿ ๐ฆ๐ฒ ๐ฉ๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐ฆ๐š๐ซ๐ ๐ข๐ง๐š๐ฅ ๐ญ๐š๐ฑ ๐ซ๐š๐ญ๐ž.โ€๐Ÿ’ฅ๐Ÿ’ฅ๐…๐€๐‚๐“: T...
03/04/2025

๐Ÿšจ๐Œ๐˜๐“๐‡: โ€œ๐ˆ ๐จ๐ฉ๐ž๐ซ๐š๐ญ๐ž ๐š๐ฌ ๐š ๐œ๐จ๐ฆ๐ฉ๐š๐ง๐ฒ, ๐ฌ๐จ ๐ˆ ๐ฉ๐š๐ฒ ๐ญ๐š๐ฑ ๐š๐ญ ๐ญ๐ก๐ž ๐Ÿ๐Ÿ“% ๐œ๐จ๐ฆ๐ฉ๐š๐ง๐ฒ ๐ซ๐š๐ญ๐ž ๐ข๐ง๐ฌ๐ญ๐ž๐š๐ ๐จ๐Ÿ ๐ฆ๐ฒ ๐ฉ๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐ฆ๐š๐ซ๐ ๐ข๐ง๐š๐ฅ ๐ญ๐š๐ฑ ๐ซ๐š๐ญ๐ž.โ€

๐Ÿ’ฅ๐Ÿ’ฅ๐…๐€๐‚๐“: Thereโ€™s a special rule called Personal Services Income (PSI) to ๐ฉ๐ซ๐ž๐ฏ๐ž๐ง๐ญ ๐ข๐ง๐๐ข๐ฏ๐ข๐๐ฎ๐š๐ฅ๐ฌ ๐Ÿ๐ซ๐จ๐ฆ ๐ฅ๐จ๐ฐ๐ž๐ซ๐ข๐ง๐  ๐ญ๐ก๐ž๐ข๐ซ ๐ญ๐š๐ฑ ๐›๐ฒ ๐ฎ๐ฌ๐ข๐ง๐  ๐š ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ ๐ž๐ง๐ญ๐ข๐ญ๐ฒ when the relationship with clients is ๐ฌ๐ข๐ฆ๐ข๐ฅ๐š๐ซ ๐ญ๐จ ๐›๐ž๐ข๐ง๐  ๐š๐ง ๐ž๐ฆ๐ฉ๐ฅ๐จ๐ฒ๐ž๐ž ๐ซ๐ž๐ฅ๐š๐ญ๐ข๐จ๐ง๐ฌ๐ก๐ข๐ฉ.

๐Ÿ“Œ๐–๐ก๐š๐ญ ๐ข๐ฌ ๐๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐’๐ž๐ซ๐ฏ๐ข๐œ๐ž๐ฌ ๐ˆ๐ง๐œ๐จ๐ฆ๐ž (๐๐’๐ˆ)?
PSI is income earned mainly from your personal skills, knowledge, or effort, not from selling products or outsourcing the work to others.

โœ…Examples of PSI include:
โœ…Freelancers and consultants earning fees for their services.
โœ…Contractors and tradespeople paid for labor, not materials or products.
โœ…Professionals, like designers or developers, paid for their expertise.

๐Ÿšฉ๐–๐ก๐š๐ญ ๐‡๐š๐ฉ๐ฉ๐ž๐ง๐ฌ ๐–๐ก๐ž๐ง ๐ญ๐ก๐ž ๐๐’๐ˆ ๐‘๐ฎ๐ฅ๐ž๐ฌ ๐€๐ฉ๐ฉ๐ฅ๐ฒ?

โŒ๐ˆ๐ง๐œ๐จ๐ฆ๐ž ๐ข๐ฌ ๐ญ๐š๐ฑ๐ž๐ ๐š๐ญ ๐ฒ๐จ๐ฎ๐ซ ๐ฉ๐ž๐ซ๐ฌ๐จ๐ง๐š๐ฅ ๐ซ๐š๐ญ๐ž, ๐ž๐ฏ๐ž๐ง ๐ข๐Ÿ ๐ž๐š๐ซ๐ง๐ž๐ ๐ญ๐ก๐ซ๐จ๐ฎ๐ ๐ก ๐š ๐›๐ฎ๐ฌ๐ข๐ง๐ž๐ฌ๐ฌ.
โŒ๐ƒ๐ž๐๐ฎ๐œ๐ญ๐ข๐จ๐ง๐ฌ ๐š๐ซ๐ž ๐ฅ๐ข๐ฆ๐ข๐ญ๐ž๐ ๐ญ๐จ ๐ฐ๐ก๐š๐ญ ๐ž๐ฆ๐ฉ๐ฅ๐จ๐ฒ๐ž๐ž๐ฌ ๐œ๐š๐ง ๐œ๐ฅ๐š๐ข๐ฆ. This means no deductions for rent, mortgage interest, or property taxes on your home.

โ™ป๐–๐ก๐š๐ญ ๐‡๐š๐ฉ๐ฉ๐ž๐ง๐ฌ ๐–๐ก๐ž๐ง ๐ญ๐ก๐ž ๐๐’๐ˆ ๐‘๐ฎ๐ฅ๐ž๐ฌ ๐ƒ๐จ๐งโ€™๐ญ ๐€๐ฉ๐ฉ๐ฅ๐ฒ?
โœ…The income stays within your business entity and is taxed at the business rate, which could be lower than your personal tax rate.
โœ…Your business can claim all legitimate deductions, just like any other business.
โœ…Your business doesnโ€™t have to meet extra PAYG withholding requirements under the PSI rules. Standard PAYG rules still apply.

Stay tuned for our next post, where weโ€™ll break down the conditions for the PSI regime to apply and how to avoid costly mistakes when setting up a company without fully understanding the impact of PSI on your business.

๐Ÿง  ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐  ๐ญ๐จ ๐œ๐ฅ๐š๐ข๐ฆ ๐ญ๐ก๐ž ๐’๐ค๐ข๐ฅ๐ฅ๐ฌ & ๐“๐ซ๐š๐ข๐ง๐ข๐ง๐  ๐๐จ๐จ๐ฌ๐ญ ๐ข๐ง ๐ฒ๐จ๐ฎ๐ซ ๐…๐˜๐Ÿ๐Ÿ’ ๐ญ๐š๐ฑ ๐ซ๐ž๐ญ๐ฎ๐ซ๐ง? Avoid these common mistakes ๐ŸšซThe ๐’๐ค๐ข๐ฅ๐ฅ๐ฌ ๐š๐ง๐ ๐“๐ซ๐š...
02/04/2025

๐Ÿง  ๐๐ฅ๐š๐ง๐ง๐ข๐ง๐  ๐ญ๐จ ๐œ๐ฅ๐š๐ข๐ฆ ๐ญ๐ก๐ž ๐’๐ค๐ข๐ฅ๐ฅ๐ฌ & ๐“๐ซ๐š๐ข๐ง๐ข๐ง๐  ๐๐จ๐จ๐ฌ๐ญ ๐ข๐ง ๐ฒ๐จ๐ฎ๐ซ ๐…๐˜๐Ÿ๐Ÿ’ ๐ญ๐š๐ฑ ๐ซ๐ž๐ญ๐ฎ๐ซ๐ง?
Avoid these common mistakes ๐Ÿšซ

The ๐’๐ค๐ข๐ฅ๐ฅ๐ฌ ๐š๐ง๐ ๐“๐ซ๐š๐ข๐ง๐ข๐ง๐  ๐๐จ๐จ๐ฌ๐ญ gives small businesses a ๐Ÿ๐ŸŽ% ๐›๐จ๐ง๐ฎ๐ฌ ๐๐ž๐๐ฎ๐œ๐ญ๐ข๐จ๐ง for eligible external training provided to employees. It applies to training costs incurred between ๐Ÿ๐Ÿ— ๐Œ๐š๐ซ๐œ๐ก ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ and ๐Ÿ‘๐ŸŽ ๐‰๐ฎ๐ง๐ž ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ’.

Here are some common mistakes to avoid:๐Ÿ‘‡

โŒ Not actually carrying on a business or having turnover over $50M
โŒ Claiming for training that wasnโ€™t provided to an employee
โŒ Sole traders claiming training for themselves
โŒ Claiming more than the extra 20%
โŒ Training not from a registered training provider
โœ… Check you meet the ๐ž๐ฅ๐ข๐ ๐ข๐›๐ข๐ฅ๐ข๐ญ๐ฒ ๐ซ๐ฎ๐ฅ๐ž๐ฌ before claiming! The ATO is watching this one closely ๐Ÿ‘€

Need help navigating this? We're here to support you ๐Ÿ’ผ

Quarterly BAS? You Might Be Switched to Monthly from 1 April 2025!The ATO is cracking down on businesses with a history ...
28/03/2025

Quarterly BAS? You Might Be Switched to Monthly from 1 April 2025!
The ATO is cracking down on businesses with a history of ๐ง๐จ๐ง-๐œ๐จ๐ฆ๐ฉ๐ฅ๐ข๐š๐ง๐œ๐ž (example: late BAS lodgments, missed payments, or incorrect GST reporting)

๐Ÿ—“๏ธ ๐…๐ซ๐จ๐ฆ ๐Ÿ ๐€๐ฉ๐ซ๐ข๐ฅ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ“, the ATO may shift non-compliant businesses from ๐ช๐ฎ๐š๐ซ๐ญ๐ž๐ซ๐ฅ๐ฒ ๐ญ๐จ ๐ฆ๐จ๐ง๐ญ๐ก๐ฅ๐ฒ ๐†๐’๐“ ๐ซ๐ž๐ฉ๐จ๐ซ๐ญ๐ข๐ง๐  to help improve compliance and build better habits.

Hereโ€™s what you need to know:
โš ๏ธ If youโ€™ve had issues in the past, you might be moved to monthly reporting โ€” ๐š๐ง๐ ๐ฒ๐จ๐ฎโ€™๐ฅ๐ฅ ๐ฌ๐ญ๐š๐ฒ ๐จ๐ง ๐ข๐ญ ๐Ÿ๐จ๐ซ ๐š๐ญ ๐ฅ๐ž๐š๐ฌ๐ญ ๐Ÿ๐Ÿ ๐ฆ๐จ๐ง๐ญ๐ก๐ฌ.
๐Ÿ“ You can request a review if you believe youโ€™ve been incorrectly flagged.
๐Ÿ’ก Want more control over your cash flow? You can ๐ฏ๐จ๐ฅ๐ฎ๐ง๐ญ๐š๐ซ๐ข๐ฅ๐ฒ ๐จ๐ฉ๐ญ ๐ข๐ง to monthly GST reporting โ€” many small businesses actually find it easier to manage!

Stay ahead. Review your lodgment history and stay compliant ๐Ÿ’ผ

๐Ÿ“ฃ ๐“๐š๐ฑ ๐“๐ข๐ฆ๐ž ๐‘๐ž๐ฆ๐ข๐ง๐๐žr โ€“ FY24 tax returns are due by ๐Ÿ๐Ÿ“ ๐Œ๐š๐ฒ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ“ if you're using a ๐ซ๐ž๐ ๐ข๐ฌ๐ญ๐ž๐ซ๐ž๐ ๐ญ๐š๐ฑ ๐š๐ ๐ž๐ง๐ญ.Havenโ€™t engaged one...
27/03/2025

๐Ÿ“ฃ ๐“๐š๐ฑ ๐“๐ข๐ฆ๐ž ๐‘๐ž๐ฆ๐ข๐ง๐๐žr โ€“ FY24 tax returns are due by ๐Ÿ๐Ÿ“ ๐Œ๐š๐ฒ ๐Ÿ๐ŸŽ๐Ÿ๐Ÿ“ if you're using a ๐ซ๐ž๐ ๐ข๐ฌ๐ญ๐ž๐ซ๐ž๐ ๐ญ๐š๐ฑ ๐š๐ ๐ž๐ง๐ญ.
Havenโ€™t engaged one yet? โณ Itโ€™s time to act ๐€๐’๐€๐! Most agents are flat out this time of year, and it can take ๐ฐ๐ž๐ž๐ค๐ฌ to get everything sorted.

โœ… Start gathering your documents
โœ… Reach out to a tax agent now
โœ… Donโ€™t leave it to the last minute

A little planning now can save you a lot of stress later!

Today's motivational quote ๐Ÿคญ๐Ÿ˜‚๐Ÿคฆโ€โ™‚๏ธ
26/03/2025

Today's motivational quote ๐Ÿคญ๐Ÿ˜‚๐Ÿคฆโ€โ™‚๏ธ

๐ƒ๐ข๐ ๐ฒ๐จ๐ฎ ๐ค๐ง๐จ๐ฐ that Australia is one of the few developed countries with ๐ง๐จ ๐ข๐ง๐ก๐ž๐ซ๐ข๐ญ๐š๐ง๐œ๐ž ๐ญ๐š๐ฑโ€”so you wonโ€™t be taxed just for...
25/03/2025

๐ƒ๐ข๐ ๐ฒ๐จ๐ฎ ๐ค๐ง๐จ๐ฐ that Australia is one of the few developed countries with ๐ง๐จ ๐ข๐ง๐ก๐ž๐ซ๐ข๐ญ๐š๐ง๐œ๐ž ๐ญ๐š๐ฑโ€”so you wonโ€™t be taxed just for receiving an inheritance.

However, some inherited assets may still come with tax obligations:
๐Ÿ“Œ ๐‚๐š๐ฉ๐ข๐ญ๐š๐ฅ ๐†๐š๐ข๐ง๐ฌ ๐“๐š๐ฑ (๐‚๐†๐“) โ€“ If you sell an inherited asset (like property or shares), CGT may apply.
๐Ÿ“Œ ๐ˆ๐ง๐œ๐จ๐ฆ๐ž ๐“๐š๐ฑ โ€“ Any rental income or dividends from inherited property or shares are taxed as usual.
๐Ÿ“Œ ๐’๐ฎ๐ฉ๐ž๐ซ๐š๐ง๐ง๐ฎ๐š๐ญ๐ข๐จ๐ง ๐“๐š๐ฑ โ€“ Super passed to a spouse is tax-free, but ๐ง๐จ๐ง-๐๐ž๐ฉ๐ž๐ง๐๐ž๐ง๐ญ๐ฌ (๐ž.๐ ., ๐š๐๐ฎ๐ฅ๐ญ ๐œ๐ก๐ข๐ฅ๐๐ซ๐ž๐ง) ๐ฆ๐š๐ฒ ๐ฉ๐š๐ฒ ๐Ÿ๐Ÿ“% ๐ญ๐š๐ฑ + ๐Ÿ% ๐Œ๐ž๐๐ข๐œ๐š๐ซ๐ž ๐ฅ๐ž๐ฏ๐ฒ on the taxable component.

Thereโ€™s been talk about introducing an inheritance tax in Australia, but for nowโ€”enjoy the tax break while it lasts.

๐Ÿ”ด ๐Œ๐ฒ๐ญ๐ก: "If I earn more and move into a higher tax bracket, Iโ€™ll take home less money because of higher taxes."โœ… ๐…๐š๐œ๐ญ: Y...
19/03/2025

๐Ÿ”ด ๐Œ๐ฒ๐ญ๐ก: "If I earn more and move into a higher tax bracket, Iโ€™ll take home less money because of higher taxes."
โœ… ๐…๐š๐œ๐ญ: Your entire income is NOT taxed at the higher rateโ€”only the portion that falls into the new bracket!

๐Ÿ“Œ ๐‡๐จ๐ฐ ๐ˆ๐ญ ๐–๐จ๐ซ๐ค๐ฌ:
๐Ÿ’ก ๐„๐ฑ๐š๐ฆ๐ฉ๐ฅ๐ž: Letโ€™s say you earn $๐Ÿ๐Ÿ‘๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ per year. The current tax rates are:
โœ… $0 โ€“ $18,200 โ†’ Tax-free
โœ… $18,201 โ€“ $45,000 โ†’ 16% tax
โœ… $45,001 โ€“ $135,000 โ†’ 30% tax
โœ…$135,001 โ€“ $190,000 โ†’ 37% tax
โœ… $190,001+ โ†’ 45% tax
๐Ÿ”น ๐–๐ข๐ญ๐ก ๐š๐ง ๐ข๐ง๐œ๐จ๐ฆ๐ž ๐จ๐Ÿ $๐Ÿ๐Ÿ‘๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ, youโ€™re in the 30% tax bracket (assuming no deductions):
๐Ÿ“Š ๐“๐จ๐ญ๐š๐ฅ ๐ญ๐š๐ฑ: 0+($45,000โˆ’$18,200)ร—16%+($130,000โˆ’$45,000)ร—30% = $29,788
๐Ÿ’ฐ ๐๐ž๐ญ ๐ญ๐š๐ค๐ž-๐ก๐จ๐ฆ๐ž ๐ฉ๐š๐ฒ: $130,000 - $29,788 = $๐Ÿ๐ŸŽ๐ŸŽ,๐Ÿ๐Ÿ๐Ÿ

๐๐จ๐ฐ, ๐ข๐ฆ๐š๐ ๐ข๐ง๐ž ๐ฒ๐จ๐ฎ ๐ ๐ž๐ญ ๐š $๐Ÿ๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ ๐ฉ๐š๐ฒ ๐ซ๐š๐ข๐ฌ๐ž
Your income is now $๐Ÿ๐Ÿ’๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ, putting you in the ๐Ÿ‘๐Ÿ•% ๐ญ๐š๐ฑ ๐›๐ซ๐š๐œ๐ค๐ž๐ญโ€”but ๐จ๐ง๐ฅ๐ฒ ๐ญ๐ก๐ž ๐ฉ๐จ๐ซ๐ญ๐ข๐จ๐ง ๐จ๐ฏ๐ž๐ซ $๐Ÿ๐Ÿ‘๐Ÿ“,๐ŸŽ๐ŸŽ๐ŸŽ ๐ข๐ฌ ๐ญ๐š๐ฑ๐ž๐ ๐š๐ญ ๐Ÿ‘๐Ÿ•%:
๐Ÿ”น $5,000 of the raise is still taxed at 30%
๐Ÿ”น The next $5,000 is taxed at 37%
๐Ÿ“Š ๐๐ž๐ฐ ๐ญ๐จ๐ญ๐š๐ฅ ๐ญ๐š๐ฑ:
0+($45,000โˆ’$18,200)ร—16%+($135,000โˆ’$45,000)ร—30% + ($140,000-$135,000)*37% = $33,138
๐Ÿ’ฐ ๐๐ž๐ฐ ๐ญ๐š๐ค๐ž-๐ก๐จ๐ฆ๐ž ๐ฉ๐š๐ฒ: $140,000 - $33,138 = $๐Ÿ๐ŸŽ๐Ÿ”,๐Ÿ–๐Ÿ”๐Ÿ
๐“๐ก๐ž ๐๐จ๐ญ๐ญ๐จ๐ฆ ๐‹๐ข๐ง๐ž:
โœ… Your income ๐ข๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž๐ ๐›๐ฒ $๐Ÿ๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ (๐Ÿ–%)
โœ… Your tax ๐ข๐ง๐œ๐ซ๐ž๐š๐ฌ๐ž๐ ๐›๐ฒ $๐Ÿ‘,๐Ÿ‘๐Ÿ“๐ŸŽ (๐Ÿ๐Ÿ%)
โœ… BUT your ๐ญ๐š๐ค๐ž-๐ก๐จ๐ฆ๐ž ๐ฉ๐š๐ฒ ๐ฌ๐ญ๐ข๐ฅ๐ฅ ๐ฐ๐ž๐ง๐ญ ๐ฎ๐ฉ ๐›๐ฒ $๐Ÿ”,๐Ÿ”๐Ÿ“๐ŸŽ

So no, ๐ž๐š๐ซ๐ง๐ข๐ง๐  ๐ฆ๐จ๐ซ๐ž ๐๐จ๐ž๐ฌ ๐ง๐จ๐ญ ๐ฆ๐ž๐š๐ง ๐ฒ๐จ๐ฎ ๐ญ๐š๐ค๐ž ๐ก๐จ๐ฆ๐ž ๐ฅ๐ž๐ฌ๐ฌโ€”you just pay a bit more tax on the extra portion!

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Mindarie, WA
6030

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Tuesday 9am - 5am
Wednesday 9am - 5am
Thursday 9am - 6am
Friday 9am - 5am

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+61403614687

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