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How Tax Experts Are Helping Aussies Save up to $100,000 'Tax-Free'

If you were thinking about picking up a new set of wheels, there's a way to make it cheaper for you. Salary packaging is a popular solution where businesses offer motor vehicles as an extra incentive to employees. A novated lease can be of great financial benefit to staff, resulting in higher morale and lower staff turnover.

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Hiring Slump Deepens as Bosses Brace for Reeves Tax Raid Δ1.72

Businesses are reducing hiring plans and preparing for layoffs in response to Rachel Reeves's forthcoming £40bn tax increase, which includes hikes to the National Living Wage and National Insurance. A report indicates that demand for permanent roles has dropped for 18 consecutive months, with many firms citing economic uncertainties and rising payroll costs as reasons for scaling back. The anticipated changes are causing widespread concern, particularly among small and medium-sized enterprises, which may face significant financial strain.

Retirement Offer in Idyllic Island with No Tax May Lure Aussies to Mauritius Δ1.72

Mauritius has launched a retirement visa that could be very attractive to Australians ready to retire, offering a cost-of-living significantly lower than Australia, allowing for a decade or longer stay if the applicant meets basic requirements. The country's new program aims to attract people 50 and older with a steady flow of money coming in every month, provided they are absolutely retired. To be eligible, one must deposit at least AUD$2,413 (USD$1,500) monthly or AUD$28,961 (USD$18,000) annually into a local bank account.

Kansas Town Offers Tax Breaks, Child Care, and Free College to Lure Residents Δ1.71

Neodesha, Kansas, is trying a new approach to attract residents by offering tax breaks, student loan repayment assistance, and free college tuition as part of its relocation program. The town has seen more than 30 people move in since the program launched in 2024, with over $1 million in scholarships awarded so far. Incentives such as waiving state income tax through 2026 and property tax rebates are also being offered to new residents.

The Single Person's Hidden Tax: A Financial Burden in Australia Δ1.70

A recent study has found that single Australians are facing a hidden tax due to their increased living costs, making it difficult for them to afford household bills and even property ownership. The study highlights the challenges faced by singles, including higher power bills, furnishing a home, and mortgage or strata fees, which can be a significant financial burden. The research also shows that single people are often overlooked for rental properties and face steeper prices due to their lack of a second income.

'His Boss Loves Him'—A Redditor's Friend Refused A $5K Raise, Convinced It Would Mean Less Money After Tax Δ1.70

A Redditor's post highlighted a friend's refusal of a $5,000 raise due to a misunderstanding of how tax brackets work, believing it would reduce their overall income. Despite attempts to clarify that only the income above the threshold would be taxed at the higher rate, the friend remained unconvinced, showcasing a common misconception about taxation. This exchange prompted widespread reactions on Reddit, with users sharing similar stories of individuals who mistakenly avoid raises for fear of higher taxes.

How To Save Thousands in Taxes on Your Investments, According to a Self-Made Millionaire Δ1.69

Financial coach Bernadette Joy emphasizes the importance of selecting the right investment accounts and strategies to minimize tax liabilities, noting that many individuals unknowingly pay excess taxes on their investments. By adopting dollar-cost averaging and maximizing contributions to tax-advantaged accounts like 401(k)s and IRAs, investors can significantly reduce their taxable income and enhance their long-term wealth accumulation. Joy's insights serve as a crucial reminder for individuals to reassess their investment approaches to avoid costly mistakes.

Ending Leases, Changing Lives: Government to Reform Leasehold System Δ1.69

Ministers have outlined plans to abolish the leasehold system in England and Wales, moving towards a commonhold system where flat-owners own a share of their buildings. The government aims to restore control over homes and reduce "unfair practices and unreasonable costs" faced by landlords. By adopting commonhold, homeowners would have more autonomy over what they pay for maintenance and who they appoint to manage their building.

ATO’s $11 Billion Warning for These Aussie Taxpayers: ‘Moving Harder and Faster’ Δ1.68

The ATO is taking a firm stance against taxpayers who owe it $11 billion in total debt, deploying its "full powers" to collect priority tax owed by individuals and small businesses. The tax office aims to reduce the amount of debt owed by targeting those responsible for 1% of the total debt. By taking urgent action, the ATO seeks to recover a significant portion of the outstanding tax debts.

Beer Tax Relief Angers Aussies ‘Left Out’ of 'Major' Cut Δ1.68

The Australian government's recent decision to freeze the alcohol excise duty for draught beer has sparked disappointment among those in the spirits industry, who feel excluded from this long-awaited relief. While the freeze marks a significant policy shift after four decades, it only applies to beer, leaving spirits to face ongoing tax increases that strain consumer affordability. Industry leaders argue that the current tax regime, one of the highest in the world, hampers local distillers and pushes consumers to prefer staying home instead of enjoying a drink out.

Austrailia Government Pledges Temporary Beer Tax Freeze as Election Looms Δ1.68

The Australian government has announced a temporary freeze on tax hikes for draught beer, in an effort to boost sagging popularity and appease brewers and hospitality businesses ahead of the general election. This move comes as Australia is one of the world's wealthiest countries per capita and one of its highest-spending on alcohol per capita, with inflation-indexed tax hikes on alcohol producers levied twice a year. The temporary freeze will start in August and aim to reduce pressure on beer prices at pubs and clubs, while supporting local businesses and regional tourism.

The Rise of the Buy Now, Pay Later Industry Is Redefining Personal Debt Δ1.68

Hilary Martin, an Australian buyer's agent, has revealed that her biggest month brought in $180,000 in earnings, despite requiring only a few weeks of training to get started. The industry is experiencing an "exciting" shift due to changes in interest rates and property prices, with buyers' agents earning commissions from each home sold. Martin's agency has seen high demand for its services, allowing it to capitalize on the growing trend of buy now, pay later models.

"Budget Trickery: Accounting Maneuver Could Make Trump Tax Cuts Look Free" Δ1.67

A controversial budget tactic is gaining steam on Capitol Hill that could help make Donald Trump's first-term tax cuts permanent while also making room for additional tax break pledges he made on the campaign trail. The idea is to essentially make the cost of extending the 2017 Tax Cuts and Jobs Act free, at least for accounting purposes, by assessing changes using a so-called current policy baseline. This move would push up the national debt by trillions of additional dollars beyond what's already planned.

The Right to Switch Off Heads to Dust Δ1.67

Ministers are expected to axe plans to give people a right to "switch off" outside work hours, reports have suggested. The policy was a central part of Sir Keir Starmer's manifesto promise of a "New Deal for Working People," aimed at strengthening employment rights. However, the plan has been dropped in a bid to boost business confidence.

Trump Wants To Eliminate Income Taxes: 7 Ways That Could Impact Your Job Search in 2025 Δ1.67

If President Trump waved a magic wand and income taxes disappeared tomorrow, Americans would have more take-home pay to spend. When workers keep more of their funds to live life, it drives growth in all segments of our economy, which means more jobs, more opportunities and a stronger economy. Granted, some of that extra money could get hoovered up by higher-cost goods if tariffs inflate prices on some products.

Tesla Signs Deal for First India Showroom to Sell Imported EVs Δ1.67

Tesla has signed a lease deal to open its first showroom in Mumbai, marking the company's move towards selling imported electric vehicles (EVs) in India, despite high tariffs that weigh heavily on the carmaker. The five-year lease agreement is valued at around $2.5 million, with rent increasing by 5% each year. The showroom will be situated in a prominent business and retail hub near Mumbai's airport.

From 2% to Nearly Everyone: Musk’s X Post on Income Tax Raises Big Questions Δ1.67

Elon Musk has been vocal about the tax code's flaws. He believes there shouldn't be any tax incentives and also raised questions about how income taxes became the model. The questions and scrutiny come as the Department of Government Efficiency (DOGE) discovers questionable uses of taxpayers’ money.

Government Announces Changes to Employment Rights Bill. Δ1.67

The UK government has announced significant changes to its Employment Rights Bill, including a ban on exploitative zero hour contracts for agency workers. Agency workers will be entitled to a minimum number of guaranteed hours each week, and those who choose zero hour contracts will also be eligible for compensation if their shifts are changed at short notice. The amendments aim to provide better protections for workers in the gig economy.

The Dodger's Deferral Deals Spark MLB Fairness Concerns Δ1.67

The Los Angeles Dodgers' use of contract deferrals has sparked controversy among fans and experts, with critics arguing that the practice creates an unfair advantage for wealthy teams like the Dodgers. The team's reliance on deferrals, which amount to over $1 billion in salary IOUs, has reignited debate about the fairness and sustainability of MLB's financial structure. As other teams follow suit, the issue of deferred contracts is becoming increasingly pressing.

Leaseholders Face £65,000 Fire Safety Bills Due to Building Height Δ1.67

Leaseholders in low-rise buildings under 11m high are being forced to pay exorbitant fire safety bills due to a loophole in the new Building Safety Act. The government claims that funding does not apply to these types of buildings, but experts argue that this is a case of "fishing and dawdling" by politicians. As a result, leaseholders like Tom DeRonde are facing bankruptcy after receiving £65,000 bills for remediation costs.

Tax-Loss Harvesting: What It Is and How It Works Δ1.67

Tax-loss harvesting is a strategy where investors sell securities at a loss to offset taxable gains, ultimately reducing their overall tax liability. This approach is particularly beneficial when it comes to managing short-term capital gains, which are taxed at higher rates than long-term gains. However, investors must navigate specific regulations, such as the wash-sale rule, which can complicate the execution of this strategy.

Hidden Retirement Strategy Could Add $100,000 to Your Nest Egg Δ1.66

As President Donald Trump's initiatives, led by Elon Musk's Department of Government Efficiency (DOGE), cut staff and shut down multiple Social Security offices, an already understaffed system — with 7,000 fewer full-time employees and 7 million more beneficiaries than a decade ago — has become a significant concern for Americans. To mitigate the impact of reduced government support, it is crucial to implement effective wealth-building retirement strategies. A key overlooked strategy for reaching a six-figure income in retirement is utilizing a health savings account (HSA).

Trump's Tax Cuts: How Middle-Class Investors Are Adapting Δ1.66

Middle-class investors are reassessing their financial strategies as President Trump's tax policies come under scrutiny. With many tax provisions set to expire at the end of 2025, including reduced marginal tax rates and the cap on state and local tax deductions, investors are focusing on maximizing their tax-efficient portfolios while they last. However, some clients are also taking a more cautious approach, pulling out of retirement accounts early due to concerns about inflation.

Thyssenkrupp to Cut 1,800 Jobs on Automotive Weakness Δ1.66

Thyssenkrupp has announced plans to eliminate approximately 1,800 jobs in response to ongoing challenges within the automotive sector, attributing the decision to persistently low production volumes and uncertainty surrounding new tariffs. The company aims to save over 150 million euros by freezing hiring and reducing investments alongside the workforce reduction. This move highlights the broader struggles faced by automotive suppliers as they adapt to shifting market dynamics and the slow transition to electric vehicles.

Government Rolls Back EV Tax Exemption: A Major Blow to Electric Vehicle Sales Δ1.66

The government is ending the fringe benefits tax exemption for plug-in hybrid vehicles on April 1, just weeks before the change. The exemption was introduced in 2022 to encourage more people to transition from petrol and diesel cars. Without this subsidy, some are worried that electric vehicle sales will decline.

Boost for Growth Or Path to Unprecedented Debt? Δ1.66

President Trump's tax plan could reduce federal revenue by $5 trillion to $11.2 trillion over the next decade, according to estimates from the Committee for a Responsible Federal Budget. This plan would effectively increase the nation's debt by eliminating current or anticipated revenue sources and includes extending tax cuts from the 2017 Tax Cuts and Jobs Act. Critics warn that there are severe fiscal consequences, particularly in regard to rising the national debt.