Steve Thaxter- Senior Partner and Principal Adviser
Sovereign Wealth Partners
Income tax rates for the 2018/19 year were officially reduced earlier this month as legislation for Stage 1 of the Government’s tax cuts plan was passed. What this means is that those who earned under $125,333 in the tax year just gone will pay less tax, with the greatest benefit going to those with taxable income between $48,000 and $90,000. Those in that middle bracket will have their tax bill cut by $1,080.
If you’re expecting a refund, this may provide some incentive to lodge your tax return sooner rather than later. Other factors are relevant too, so you may wish to discuss this with your accountant.
Remember too, that it takes time to bring together your tax reporting data.
If you use an investment administration ‘wrap’ service for tax reporting, the availability of your annual tax report will be determined by your “slowest” underlying investment to report its tax position. Typically we find that our clients’ tax reports on their investment portfolios are available from mid-September to mid-October.