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FAQ
Frequently Asked Questions
What are the current tax rates?
As of 1 July 2024 the current tax rates in Australia are:
| Resident tax rates 2024–25 | |
|---|---|
| Taxable income | Tax on this income |
| 0 – $18,200 | Nil |
| $18,201 – $45,000 | 16c for each $1 over $18,200 |
| $45,001 – $135,000 | $4,288 plus 30c for each $1 over $45,000 |
| $135,001 – $190,000 | $31,288 plus 37c for each $1 over $135,000 |
| $190,001 and over | $51,638 plus 45c for each $1 over $190,000 |
What is the difference between Medicare Levy and Medicare Levy Surcharge?
Medicare Levy is a base rate of 2% of a taxpayer’s taxable income that’s payable by most tax payers and contributes to the funding of our Medicare system. Medicare Levy Surcharge is an additional levy that’s charged to individuals earning more than $97,000 or families earning more than $194,000 who don’t have private health insurance hospital cover. Medicare Levy Surcharge rates as of 1 July 2024 are:
| Threshold | Base tier | Tier 1 | Tier 2 | Tier 3 |
| Single threshold | $97,000 or less | $97,001 – $113,000 | $113,001 – $151,000 | $151,001 or more |
| Family threshold | $194,000 or less | $194,001 – $226,000 | $226,001 – $302,000 | $302,001 or more |
| Medicare levy surcharge | 0% | 1% | 1.25% | 1.5% |
Exemptions can be applied to taxpayers for Medicare Levy in certain circumstances.
When does a small business need to register for GST?
A business has a requirement to register for GST once turnover is expected to exceed $75,000 in a single financial year.
Do I need to book an appointment to complete my tax return or can it be done without me present?
While we do take tax return appointments, we also offer a drop-off service where you can email or drop your information into our office and we can prepare your return without you present. During the busy season this will often result in your tax return being completed sooner as there can often be a 4+ week wait for appointments. Don’t worry though, we’re just as thorough with our drop-off service as we are with appointments and we’ll always ensure we ask the necessary questions to obtain all the information we need and ensure we’re maximising any potential tax deductions.
Solve All Your Tax Problems Under One Room
With services ranging from income tax returns, BAS preparation, business and personal budgeting, corporate compliance, tax planning, superannuation processing, and more, we’re here to help with all your accounting needs.
Certifications and Associations
Hervey Bay Tax Solutions
Why Do You Need Hervey Bay Tax Solutions?
If you aren't convinced that you need an accountant to assist with your personal or business finances; here are a few pro's to having us on your team!
1. Save Time:
The time that you put into your finances can be used elsewhere. So why not have us do it on your behalf, whilst you do what you need to get done? Time efficient, check!
2. Reduce Tax Liability:
Let's be honest, without proper training a lot of people don't quite know what to do with their taxes, just out here winging it. So let us put our training, expertise and knowledge into getting things done right, to get you the best outcome.
3. Can Help Grow Your Business:
How? I hear you ask. Well, with budgeting and financial strategies we can assure your accounts are in tip top shape, ready for future expansions.
4. Access to Finance Knowledge:
When we have had years (in my case 10+) of experience, we are also accessible to provide detailed information on all things finance related. Got a question? Get in touch and we can help you in no time!
5. Stress Less:
When deadlines build up, finances don't add up, the budget starts to fall through... It can all be quite stressful, and especially if you run a growing business. you don't always have enough time to spare to fix everything! Stress can be a major concern for your health too. So stay healthy, stress less and contact us for a consult!
I would love the opportunity to chat with you and see in what areas I can assist you, in your personal finance goals or as a growing business!
Address
7/107 Boat Harbour Drive,
Pialba QLD 4655
Phone Number
Email Address
admin@herveybaytax.com
PO Box 528, Hervey Bay QLD 4655