In this episode, we chat to Josh Snelling, Client Services Manager at MasterTax.
We cover the basics of the Australian taxation system, including an overview of the tax brackets, how the Medicare levy works, and whether you should do your own taxes or use a professional. We also discuss some of the most common misconceptions about taxes, such as whether you get taxed more if you have a second job, and offer tips on how to minimise your taxes by contributing to super and claiming deductions.
We also dive into the HECs debt and repayment system, explaining how interest rates are linked to inflation and when and how to make extra repayments. Whether you're new to the workforce or just need a refresher on taxes, this episode is packed with valuable information to help you navigate the Australian tax system.
Disclaimer: This advice may not be suitable to you because it contains general advice that has not been tailored to your personal circumstances. Please seek personal financial and tax/or legal advice prior to acting on this information.