Avoid a tax time shock
October 3, 2024 | Luke Wade
Individual taxpayers can take the following steps right now to ensure the correct amount of tax is being put aside throughout the year:
- Let their employer know if they have a study or training support loan, such as a HECS or HELP debt;
- Check they are only claiming the tax-free threshold from one employer;
- Consider whether the Medicare Levy Surcharge may affect them this financial year (i.e., whether they have the appropriate private health insurance);
- Check their income tier is correct for their private health insurance rebate; and
- Consider voluntarily entering PAYG instalments and pre-paying tax throughout the year to avoid a large tax bill at tax time for investment or business income.