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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.
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7/107 Boat Harbour Drive,
Pialba QLD 4655
Phone Number
Email Address
admin@herveybaytax.com
PO Box 528, Hervey Bay QLD 4655