The Irish Times’ Post

Budget 2024 highlights with the new tax thresholds and a how the tax changes will affect me calculator in the link below. https://lnkd.in/gX9_VAN2 Before this announcement the tax brackets in New Zealand had not been adjusted for the last 14 years. If they had been adjusted for inflation each year the average income earner would have be paying $49 less in tax each week. A step in the right direction but we should continue to advocate for permanent indexation of tax brackets to inflation. #Budget2024 https://lnkd.in/gWy6dMfk

St Vincent de Paul Society Australia has welcomed the Stage 3 tax cut changes announced by the Prime Minister.  The Society’s National President, Mark Gaetani said, 'All wage earners will benefit and  the new schedule is no longer skewed upwards but focused on low and mid level wage earners. 🔽 These are the average Australians struggling with the high cost of food, electricity, rents and mortgages and other essentials. The people that are increasingly coming to us for help. Many have never sought assistance from a charity before.  🔽 'People on average incomes will see a doubling of their tax benefit and this will help create a fairer Australia, which is the focus of our advocacy positions. 🔽  ‘These tax cuts are considerable and are targeted at providing much-needed help to working households. The benefits will be felt from 1 July onwards. Until then, the hardship will continue.    🔽 ‘It is a relief that the cuts are not expected to have an inflationary impact on the cost of living, as so many things have become unaffordable, such as healthy food and medical bills.    🔽 ‘It was heartening to hear the Prime Minister say that no one will be left behind but the Society remains concerned that a significant number of Australians may derive little benefit from the revised tax schedule.  Mark Gaetani said the Society holds strong hopes that other relief measures will be announced in the lead-up to the Federal Budget in May or at that time.

The stage three tax cuts won't be delivered in a lump sum, here's what to expect in your weekly pay check: https://lnkd.in/g-Ci-23G

It is completely nonsense that people on low incomes and people on pensions, for instance, would have any benefit from Albo's tax changes since people on pensions and the like don't pay taxes!!!!!!! What should happen is that people on benefits, such as Age pensioners, disabilities, unemployed and the like, should be exempt from paying GST. They should get a code on their cards, so that when at the checkout, they automatically get a discount for the total amount of GST they are charged. Food essentials are already GST-free, yet this is not enough. The GST came into being to catch black money. To get taxes from people who receive cash for whatever reason they receive it for (work or sales or crimes ....) without declaring it as income to the ATO. So, the poor also get hit with this GST. When it came about, I was a Branch Treasurer with the Aust. Democrats and the members were all against it. However, Meg Lees did a deal with the Government and the GST Bill got through. It was the end of the Aust. Democrates. The GST is unfair; it should never have happened and is hitting the poor hard!!!

May 2024 Federal Budget - What It Means for You ✨ As an individual. - Household Energy Rebate: The Government will provide a $300 rebate to all Australian households on 2024/25 energy bills to provide cost of living relief. This won’t be cash to you – but it will be a $75 quarterly payment to your energy company by the Government. - Medicare Levy Low-Income Thresholds Increased: The Government will increase the Medicare Levy low-income threshold for everyone from 1 July 2023. This means all individuals will now pay slightly less tax. - Revised Stage 3 Tax Cuts for Individuals: The Government confirmed the revised Stage 3 Tax Cuts will begin on 1 July 2024. Here is a summary of the tax cuts you and your employees will receive based on your earnings. More money in your pocket each week! - Deeming Rate Freeze Extended: The deeming rate is the Government’s assumed return on a retiree’s investments The top rate of deeming will be held at 2.25% for another 12 months. Half a million pensioners can relax, the deeming rate is staying unchanged for next year.

St Vincent de Paul Society Australia has welcomed the Stage 3 tax cut changes announced by the Prime Minister.  The Society’s National President, Mark Gaetani said, 'All wage earners will benefit and  the new schedule is no longer skewed upwards but focused on low and mid level wage earners. 🔽 These are the average Australians struggling with the high cost of food, electricity, rents and mortgages and other essentials. The people that are increasingly coming to us for help. Many have never sought assistance from a charity before.  🔽 'People on average incomes will see a doubling of their tax benefit and this will help create a fairer Australia, which is the focus of our advocacy positions. 🔽  ‘These tax cuts are considerable and are targeted at providing much-needed help to working households. The benefits will be felt from 1 July onwards. Until then, the hardship will continue.    🔽 ‘It is a relief that the cuts are not expected to have an inflationary impact on the cost of living, as so many things have become unaffordable, such as healthy food and medical bills.    🔽 ‘It was heartening to hear the Prime Minister say that no one will be left behind but the Society remains concerned that a significant number of Australians may derive little benefit from the revised tax schedule.  Mark Gaetani said the Society holds strong hopes that other relief measures will be announced in the lead-up to the Federal Budget in May or at that time.

The common consensus seems to be that it would be good to see some regular indexing of tax thresholds to prevent another 14 year dry-spell. The longer it goes the harder it is to make adjustments because of the cumulative cost. However, this has been done in the past and because tax is always political, what one government does on personal taxes is often repealed by the next in favour of their own alternative plan. e.g. In 2008 indexation was legislated for by Labour but repealed by National after the next election. In 2017 National enacted significant band movements but this was repealed by the next Labour Government. #tax #rates #indexation #inflation #fiscaldrag #bracketcreep

Tomorrow’s UK budget is highly anticipated, with expectations of significant changes and potential taxation revisions. As the UK’s economic conditions evolve and post-pandemic recovery efforts continue, tomorrow’s announcements will hold great importance for the future of the country. The Chancellor of the Exchequer is likely to present a range of measures aimed at stimulating growth, supporting industries, and addressing challenges. This will undoubtedly include some taxation reform. There are likely to be provisions made to improve social welfare advancements with calls on the Government to increase funding for education and healthcare and climate initiatives to tackle the ongoing environmental issues we face. Steele Raymond’s Estate Planning and Tax Team will be paying attention to the Budget in particular announcements affecting Income Tax, Capital Gains Tax, and Inheritance Tax. Changes to tax rates or thresholds as well as adjustments to tax credits, allowances and deductions are all different ways that Jeremy Hunt may modify the tax landscape. Lower tax rates could be introduced to stimulate economic growth or tax rates increased to raise additional revenue.    We wait to see if there will be a revision on the rules calculating capital gains or losses or to see if there are adjustments made for lifetime gifting and trusts which may see changes made to the Inheritance Tax rules.    Please do look back tomorrow for our teams’ views on the Budget 2024 once Jeremy Hunt has delivered his speech. Steele Raymond LLP Solicitors Kelly Greig Michelle Jenkins-Powell Erica Leung Lorraine Exley Joe Spring #budget2024

On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) forecasts, the Chancellor had his work cut out.  Headlines included further cuts in National Insurance Contributions for workers and the self-employed, a slight increase in the VAT registration threshold and an increase in thresholds to reduce the number of people affected by the high-income child benefit charge. There has also been a cut in capital gains tax for higher earners disposing of residential property. However, income tax rates and thresholds remained static and inheritance tax continues to apply to the largest estates.  You may have watched the budget or read about it already but grab yourself a cup of tea or coffee and see how this years budget might effect you and your business. If you have any questions or would like to chat about how this years budget effects you drop us a message or give us a call on 01332 292022 https://lnkd.in/edsFzxar

UK Budgets typically consist of a mix of headline-grabbing tax policy reforms for snappy soundbites and detailed reform packages that involve complex new initiatives.   Following on from the Autumn Statement and leading up to a General Election, we can expect the Budget to focus on headline statements that aim to shift the dial on voting sentiment.   While we don’t foresee this Budget making significant inroads on the Treasury’s in tray of reform proposals, it would be a shame if the Chancellor does not take some recent consultations forward.   In a new blog, our lawyers Elizabeth Bradley, Kate Ison and Anne Powell discuss potential announcements at the Budget.   Read their thoughts in full below. https://lnkd.in/ehKsmqbd   #SpringBudget #Budget #TaxPolicy