Major Changes to the Stage 3 Tax Cuts
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- čas přidán 6. 07. 2024
- The Australian government has announced some major changes to the Stage 3 Tax Cuts, but how does that impact the everyday Australian? Are you better off now? Let me explain.
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⌚️Timestamps
0:00 Stage 3 Tax Cut Changes
2:51 My Thoughts
4:14 ‘Using’ These Changes
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Ethan 'Rooshock' (Rucioch) is an Australian business owner in his late 20's. He is the owner and director of Rooshock Accounting, an accounting firm. He is also the creator of an NFT project, Rooshocks. In his spare time, he enjoys travelling, spending time with his family and watching countless hours of sport. On this channel you will find a range of different content, including personal finance, business advice, tax tips, crypto tax tips, NFT discussions and even Ethan analysing some popular TV show businesses from an accountant’s perspective.
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Disclaimer
Every effort has been made to ensure that the information in this video is accurate. The information in this video and on this CZcams channel is for entertainment and general information purposes only. It should not be taken as constituting professional advice. You should not rely on it as financial, legal or tax advice. There are always risks in any financial decision and all decisions should be made on an individual basis. You should conduct your own research and seek independent professional advice where needed. Some of the links in this video or video description may be affiliate links. Ethan Rucioch, Rooshock Enterprises Pty Ltd, Rooshocks NFT Pty Ltd or any other related party may receive a commission through these.
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#stage3taxcuts #tax #taxaustralia
What are your thoughts about the changes to the tax cuts?
As an earner above $140, I never supported the cuts for higher end and these adjustments are welcome - the cuts just aren't needed as much for higher income earners, people on lower incomes need more help.
Appreciate a different opinion from someone who is effected negatively. That is the point of this, to generate discussion!
there needs to be a new tax system installed for people who work more hours, sure i make 185k a year but i am also working 62 hour weeks. I work damn hard for my money and shouldn’t be punished for working nearly twice as hard.
that nightshift/overtime factory tax rate lol been there
Yeah I get what you're saying, would be near on impossible to implement unfortunately. I definitely agree though, if you're working hard for your money our current tax rates are too high.
Might have some cobra effects like reduced hourly rates to juice up the hours worked, possibly putting more power into hands of employers vs. employees... definitely an interesting idea though and maybe could find a smart way to implement it
Story of my life brother
Yeah that would be the issue I think with people just upping the hours.@@CollinLi
Indexation of brackets would be amazing!!
Yep definitely!
Thanks for information 👍😃🙏
No worries, thanks for watching!
Great explanation of bracket creep and the political angle dude! So will the government end up with about the same amount of tax revenue despite these cuts due to people earning higher wages on average?
Yeah over time as we see increase in wage growth, if the brackets don't increase, more tax is being collected.
Plz do a video on how to use Thriday!!! Would that work for CZcamsrs receiving adsense and merch income? or is it really designed for tradies and consultants who invoice clients??
Not familiar with it sorry
I make 200k and I am glad that they culled the idiotic Scomo proposal. I'm worse off, but every marginal dollar for me is spent frivolously, saved or invested. Not going to help during a cost of living crisis... so this proposal is welcomedA
Glad to hear another opinion!
So higher tax for middle class, and lower tax for upper class. Okay. The rich wins.
What do you mean?