New Australian Tax Rate Changes From July 2024 (What You Need to Know!)

[@BryanInvest]

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[@nightowldickson]

They should create a new bracket from 45001 to 80,000 and tax at 25%

[@TheComicVault]

If you’re making between $120k-$350k, you’re the winner here. But it’s messed up… because you were already winning… what is this crap? They should have JUST increased the tax free threshold and subsidised it by decreasing the top tier tax rate threshold - but then the people making the decisions would have lost out the most. Sad world we’re living in.

[@waynescully2209]

Thanks for letting me know about the new TAX SAVINGS! Although I’ve already looked it up, for some reason it’s nicer to hear someone read it out for you 😂 who agrees with me?

[@EthanM-pr5ew]

ME 😃

[@BryanInvest]

I appreciate it mate! Happy to do it.

[@ritatsoutsouras8538]

Totally!!

[@PorkChops_Johnson]

Tax Savings! I just left a comment on one your other videos about high interest savings accounts and I also signed up for the newsletter. Really appreciate the good advice Bryan.

[@BryanInvest]

Hey there! Thank you for your continued support. I really appreciate it mate 😊

[@alihamxa6538]

Your Videos help me alot in understanding AU tax laws Thank you

[@mojojojo560]

When you weigh it against the cost of living and the average mortgage in Australia, 190,000 is basically the new middle class if you still define middle class by being able to afford a house, a car and 2.5 kids. The fact that they share a tax bracket with billionaires is mentally bankrupt.

[@haymont78]

The average mortgage across the country is under $650k. You are probably meaning the average house price.

[@mojojojo560]

@ yeah, thanks.

[@larissaguy9083]

Wow, you made that so simple to understand! Thank you so much!

[@BryanInvest]

Thanks for watching!

[@sharndawg007]

In Queensland, we also get $1k off our energy (plus the $300 Federal rebate), 50c train, bus, ferry and light rail fares for a trial period of six months and 20% off our rego. So many people are up in arms about it being all about elections and of course there is an element of truth to it, but I just keep thinking of the savings. My electricity usage means I won’t pay for power for the next year and a bit, my weekly travel will be cut by $39.91 and, when I come to renew my rego in November, there will be a saving there too. I plan to maximise savings during this time and make the most of it. Thanks for walking us through the tax savings.

[@BryanInvest]

That's awesome! WA has had a few energy bill credits over the years so we're saving some money for electricity. People will always complain but you should take advantage of any savings that fall your way.

[@Iys67]

Ok, why do I have to put my suggestions here. Because too many wrong votes can form a wrong govetnment, which will affect my pocket too. And I am talking here about finance only, not considering other policies. I assume you're financially smart and responsible, based on your comment. I notice that the labor gov (federal, victoria, queensland, sa etc.) They usually give a lot close to the election, regardless of them being in serious debt or not. Then after they win, they will take back a lot more than they have given. While their giving is one-off, their taking away can be a permanent law or tax which last years. Citizens like us are those who will lose in the end.

[@gigibeach8905]

Thank you for explaining the new tax changes

[@EthanM-pr5ew]

[Tax Savings] Can you please do Super and Business changes next? 🙏🏽

[@Freestyle80]

thank god they changed it, made no sense to make it 30% all around and people earning less than $100k get almost nothing lol

[@EthanM-pr5ew]

🙋‍♂

[@bloodaxe0]

would have been fairer. why should I get smashed in tax for working hard

[@dickwintered]

​@@bloodaxe0 There are many people working hard but not rewarded on your pay scale. Therefore it is fair that the higher you earn, the more you pay.

[@BryanInvest]

Could not agree more!

[@cadelecomte1442]

The current system of "social equity" rewards mediocrity and penalises people that furthers their skills and works overtime. Yep totally fair! If unskilled workers want more pay they should up skill.

[@scoz116]

Can I ask if the income you refer to is inclusive of super or not? Many companies pay a total income as a "package" including super. Thanks.

[@BryanInvest]

It would be not include super since the tax rates are taxable on money that you receive into your bank. Super would already be deducted by that point.

[@swisdya4506]

Hi Bryan, please help me with my question about donation. Can I claim the donation in tax return if I donate my money to charity in my country but they don't have organisation name, so only give to orphanages the money directly. I have the video that my mom gathered orphanage and give them the money, so how can I claim that to tax deduction? Because I do it regularly every month

[@mikeo2200]

Cheers for the tax savings. That’s a sweet calculator. I’m definitely gonna try it 😎

[@BryanInvest]

Enjoy!

[@nguyenthuthao2775]

Hi Brian, can you do another video to explain in details how tax and dividends work when we purchase and sell stocks and how to reduce tax on that?

[@BryanInvest]

Yes, I plan to do that. Thanks for the suggestion.

[@marionjoy9475]

this is a great breakdown of the new tax system . thank you

[@BryanInvest]

Cheers!

[@StevenEarl]

Thank you

[@MLDawn]

May i ask what recording software you use for your videos as well as video editing software? Mny thanks

[@BryanInvest]

I use the Sony A7iii to film and Final Cut Pro to edit 😊

[@crusaderqk]

They should raise the tax free threshold to be honest. Tax cuts are too meagre!

[@iDrive123]

They’re not honest. Will give with 1 hand and take with the other.

[@BryanInvest]

Yeah, I agree but then they would need to take it from elsewhere. Not cheap to run the country!

[@redgatecrt]

Abolish income tax and raise gst

[@PrilJ98]

Hi! Can you make a video on HECs?

[@H2dizzo]

Do we get any benefit signing up for moomoo from your link?

[@b_m9566]

Phew so useful to understand how it works

[@dionmasters]

what happens if I salary sacrifice to bring down my gross income below threshold for Medicare levy?

[@BryanInvest]

I assume you mean Medicare Levy Surcharge? If so, then yes it would mean you won't have to pay it. As for the medicare levy, you can't avoid it unless you have very low income or you meet on of their exemption scenario.

[@python27au]

Question. If you are a fly in fly out worker living over seas, working for a foreign company in Australia, who do you pay tax to? So for arguments sake. I am a NZ citizen, flying into Australia for two weeks every month, to work on a NZ owned site.

[@ElusiveAlloy]

Very helpful tax savings mate

[@BryanInvest]

Glad it helped mate!

[@ParasTube]

Do you have a video explaining last year? I used to get back 3000ish but last year I owed about 300-400.

[@alejandrotabilo1988]

Great video

[@ViiiBeZzHD]

Would this have a negative affect on people with HECS Debt?

[@BryanInvest]

They have increased the threshold slightly this year: www.ato.gov.au/tax-rates-and-codes/study-and-training-support-loans-rates-and-repayment-thresholds

[@ritatsoutsouras8538]

Hey Bryan, thankyou for all your videos, they’re great & I’m so glad I ‘found’ your channels. A little off topic here but wondering what are your thoughts on Crypto ETF’s & how to decipher best one? Would love to hear your advice - tia 🙏

[@BryanInvest]

Hello! I'm happy you're here. Unfortunately, there isn't a proper Crypto ETF on the ASX yet, only the US market. Nevertheless, I prefer to invest into crypto directly especially the 2 biggest coins. Also, if you are looking at US crypto ETFs, it's hard to find the 'best one' since it's only recent and there are lack of data. If you're just interested in Bitcoin then they should all perform fairly similar.

[@ritatsoutsouras8538]

@@BryanInvestThankyou so much Bryan 🙏

[@RekimNZ]

Tax Savings ! (And thank you) great advice !

[@BryanInvest]

Cheers mate!

[@blackflagbarbering4753]

Can you do this for small business owners? As a barber I made 120k this year, this is my first year on a higher tax bracket and my account said I have to pay GST which is 10% overall all my sales?

[@redgatecrt]

Pay your self a small wage reducing income tax bracket and the rest goes through the business as profit paying a flat 30% company tax. It’s common practice It also reduces cost of employment extras such as compulsory super etc and gives you more access to your $$$ to do what you want But do the math to see which way benefits you Don’t forget the business write off (expenses) which includes any loans to get the business started which offsets company tax which also reduces tax

[@redgatecrt]

Gst is paid quarterly and yes it’s 10% on all sales. You’re affectively collecting tax for the government for free but paying your accountant to do it 😁

[@redgatecrt]

You did ok for your first year in business. Most businesses don’t make a profit in the first 2 years

[@redgatecrt]

Sounds like you need a better account, you should have a close relationship with your accountant who gives you quality advice

[@hamidnasir8353]

Could you review G200 ETF?

[@AussieMan-l6w]

I’m gonna enjoy the TAX SAVINGS for sure!

[@chimigembo7212]

Hello Bryan, I would like to to meet with you if you are in Australia Perth?

[@brucemcfee2017]

I think they made the right choice to change it. Doesn’t make sense that high income earns benefit the most.

[@bloodaxe0]

why shouldn't they? They pay the most. Sick of paying so much tax

[@suicine2859]

This is bad for ppl over 200k cos they would of got 9k less tax payment. Now its only 4.5k its a scam

[@nojusticenopeace8717]

So wrong to charges 30% on people who are making between $45k - $70K!! Ato knows this salary margin is the majority of the Australian workers annual income, and it should be around 20% - 23% max. It’s ok from $71k - $135k charges 30%.

[@BryanInvest]

You're probably right but we have a higher living standard in Australia hence higher taxes.

[@CSM013]

Tax savings ❤

[@SojourneRaizo]

We love tax savings

[@sturm7130]

If the tax cuts increase spending this will fuel more inflation and increase interest rates. But they will buy votes. Lower inflation policies would lower interest rates and provide a better outcome. But these don't win votes.

[@redgatecrt]

This could fuel higher inflation 😂

[@ZoeHughes-lu6ki]

tax savings 💰

[@kakarot3584]

And overtime should be tax free

[@ivan_thai]

Tax Savings 💵

[@aarontong7948]

Tax SAVINGS 🤑🤑🤑

[@priyaqueen1120]

Thank u Bryan

[@mmmMarkyyyy]

Tax Savings!

[@Dodo-ck5tq]

Tax savings

[@KC_Finance]

I take home an extra whopping $20 a week. 🙄

[@liptonicetea274]

that 20 dollars straight into fuel 😂

[@BryanInvest]

I should buy you a nice packet of chips these days 🍟

[@selgeaus]

You speak so fast I had to slow down to 0.75 speed

[@YourFrienjamin]

😆 As soon as I started the video I thought mine was at x1.25

[@redgatecrt]

Higher inflation coming 😂

[@iAmMrAizi]

Tax Savings

[@yellow6ird]

Tax Saving

[@Bobbydazzlla]

I'm grateful for the tax shavings this year. Huh, huh see what I did there.

[@BryanInvest]

You sneaky sneaky boy!

[@representwest]

This country became joke... another Canada..

[@redgatecrt]

Abolish income tax and raise GST

[@MultiLightbulb]

Tax saving

[@scottmaxwell1927]

you speak weird mate

[@TheOfficialCzure]

u look weird mate. i feel sorry for that baby in ur pic if hes got u as a role model

[@dickwintered]

So make your own video then explaining complex concepts to people for free?

[@BryanInvest]

Imagine what I could achieve if I didn't 🤔

[@rustybogans2508]

Yea cool happy for the ppl who don’t pay much tax to pay even less while us who pay a ridiculous amount keep the country going and gain absolutely nothing

[@redgatecrt]

Maybe they should stop giving taxpayers money to other countries

[@chimigembo7212]

Hello Bryan, I would like to to meet with you if you are in Australia Perth?

[@BryanInvest]

Hey mate! Feel free to come say hi if you ever see me out and about 😎

[@martind54]

Tax Savings