Your essential last-minute tax tips
News from Sydney Morning Herald:

The Victorian town of Charlton during the floods. Photo: Justin McManus

IT’S almost over already. While many share investors will be looking forward to seeing the back of another financial year that promised much but delivered little, they have been joined by those with property investments. But there are a few other things to consider as the financial year closes.

While no big tax or legislative changes come in on Friday, the flood levy will kick in for the next financial year only, taking an additional 0.5 cents for every $ 1 earned over $ 50,000, and $ 250 plus 1ยข for every dollar earned over $ 100,000.

That means people earning $ 120,000 will pay a $ 450 flood levy (or $ 8.65 a week) next financial year in addition to their usual tax (those with a taxable income of $ 60,000 will pay an additional $ 50; those on $ 180,000 an extra $ 1050).

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