WHY DO I NEED TAX PLANNING ADVICE?
Current Australian tax legislation states lump sum payment plus interest must be assessed for tax purposes in the year they are paid, i.e. the 2019 financial year. The payments unfortunately cannot be amended against prior years income even if it it related a previous financial period/year.
Your lump sum payment and additional interest may affect your tax and financial circumstances in the following ways…
- You may be pushed into a higher tax bracket and tax planning gives you the insight to prepare and make clear financial decisions.
- If you receive family tax benefit this may affect how much you are entitled to in the 2019 financial year. An incorrect estimate to Centrelink may result having to pay back family assistance.
- The newly introduced child care subsidy may be adjusted due to a change in your taxable income.
- For team members with a HECS Debt, this may affect your compulsory repayment amounts.
- Your superannuation payments may be assessed to ensure they are in line with current superannuation legislation.
- Your family income may need to be assessed against Medicare Levy surcharge thresholds.
- Under certain circumstances your spouse’s income may also be assessed in cases where combined incomes are assessed for example Centrelink, Child care and Medicare.
AM I ELIGIBLE FOR FREE TAX PLANNING ADVICE?
Under the SRG remediation program, tax planning support is offered to Store set-up team members who have received a lump sum payment including interest, of $1000 or more.
I’M ELIGIBLE! WHAT WILL YOUtax DO FOR ME?
YOUtax advisors will provide a tax plan that is unique to YOU.
All advice is unique to your individual or family circumstances up until the 30 June 2019.
Our advice will be in accordance with Australian Taxation Law and will account for any newly introduced tax legislation.
Your YOUtax advisor will:
- Assess and project your salary, bonuses, compensation payment, interest and other income for the 2019 Financial Year.
- Estimate and account for any applicable employment or other deductions.
- Account for any investments and their tax effect.
- Calculate any effects to offsets and rebates.
- Advise of any effects to Medicare Levy, Medicare Levy surcharge and private health government rebates.
- The effects to any Family assistance, Childcare subsidy and Centrelink calculations
- Based on the estimates and information provided we will calculate your payable or refundable tax position.
- Your YOUtax adviser will meet with you through telephone or video chat to present and explain your tax plan.
- Where applicable we will provide you with a tax minimisation strategy you may choose to adopt. Please note: the implementation of any tax minimisation strategies that incur an expense will be at the cost of the individual team member.
- You will be provided with a printed copy of your tax plan.