Exciting news! Starting July 1st, the Stage 3 tax cuts will come into effect. The net pay increase will be different for each person, as the new percentage you will pay depends on your current tax bracket.
You can calculate how much you can expect to receive here: https://taxcuts.gov.au/calculator
With more money in your pocket each pay check, it will be worth your while to think about what you will do with the extra money. With cost of living pressures still affecting many Australians, the extra funds may go into better managing regular expenses. If you don’t yet have a budget, it’s never too late to start one.
You can find out more about money management, and some great tips for saving money here: https://moneysmart.gov.au/budgeting
If you have consumer debt like credit cards and personal loans, it may be worth directing the extra funds towards paying them down more quickly. We may also be able to help you consolidate your debts to improve your position – just reach out to see if this is an option for you.
You may decide to direct the extra funds into saving a deposit for a home. Regardless of where you are in your property journey, we can help you understand how lenders will view your situation. You’ll need to know your borrowing capacity to buy your first home – your next home, start to build an investment portfolio, or add to the portfolio you already have – so reach out today and make your next move, your best move.