Thursday, February 1, 2024
Mackay and Whitsunday Life
As we embark on the journey that is 2024, there's no denying that the financial rollercoaster is taking us for a spin we didn't sign up for. The economic ups and downs are leaving many of us feeling a bit queasy, especially when it comes to the ever-rising cost of living. But fear not, because we're all navigating this terrain together.
Let's dive into those proposed tax cuts. The powers that be in Canberra have put forth some potential changes to income tax rates and thresholds, slated to take effect from July 1, 2024. But here's the catch – they're not official law just yet. So, it's like waiting for confirmation on that extra scoop of ice cream – a mix of anticipation and a touch of anxiety.
Come July 1, if these changes get the official nod, we're looking at a reduction in the 19 per cent tax rate to a tidy 16 per cent. They're dialling down the 32.5 per cent tax rate to 30 per cent, and there are tweaks to the thresholds too - shifting the trigger point for the 37 per cent tax rate from $120,000 to $135,000 and adjusting the 45 per cent tax rate threshold from $180,000 to $190,000.
Speaking of finances, we understand that many families are grappling with the challenge of living on a single income. With daycare options as scarce as a rare artifact, many mums are exploring creative ways to add a few extra dollars to the family coffers. Head to page 16 for tips on side hustles you can run from the comfort of your home – because who said your living room can't be your boardroom?
For our remarkable women navigating the workforce, we're addressing the gender pay gap head-on. Page 16 holds the keys to assertiveness, courage, and perhaps a sprinkle of wisdom. It's time to raise your hand and say, "I'm worth it!"
Remember, we're here to share stories, offer advice, and maybe share a thought or two. Reach out with any community news that you would like to see in an upcoming edition by sending me an email.