Advice

Looking for the best ways to save money if Labor's tax changes get up

February 12 2024 - 1:30am
Get good advice to negotiate changes to the tax regimen. Photo Shutterstock
Get good advice to negotiate changes to the tax regimen. Photo Shutterstock

The proposed changes to the Stage 3 tax cuts package have been in the news all week, with Labor's proposal to amend the legislated tax cuts yet to pass Parliament. A major issue with the Labor proposals is that the top tax rate of 47 per cent, including Medicare levy, will cut in at $190,000 a year, a tiny increase to the $180,000 cutoff point, which has been unchanged for 15 years. A tax system that forces high-income earners to give the government almost 50 per cent of what they earn does not encourage productivity, but it does encourage strategies to reduce tax.

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