The Federal Budget 2021-22: Low & Middle Income Tax Asset Rebate Extension Announced

The Low and Middle Income Tax Offset has been extended for another 12 months, meaning that taxpayers whose wage earnings situate them within a certain income bracket will again be able to receive a little extra cash back into their pockets again this year

to receive a little extra cash back into their pockets again this year.
Tax offsets are also known as rebates and directly reduce the amount of tax payable on your taxable income. Sometimes, this can lead to the payable amount lowering to zero, but these rebates cannot be used on their own to get a refund.

You are only able to receive this amount after you have filed your tax return at the end of the financial year and in a lump sum amount that is in accordance with which wage bracket you are in and the amount you will receive. 

You don’t need to complete anything in your tax return for your low or low and middle-income tax offset to be worked out for you. Instead, the amount of tax offset you will receive is worked out for you once your tax return is lodged.

If you earn under $37,000 this financial year, you will receive an offset of $225. For those who earn between $37,001 and $48,000, you will receive $255, with an additional 7.5 cents to every dollar above $37,000 up to a max of $1,080.

Those who earn between $48,000 and $90,000 a year are set to get the best deal, with up to $1,080 on the cards.

If you have any tax-related questions that the Federal Budget announcements have brought to your attention, speak with us for assistance.

Using Feedback As A Tool For Your Business’s Growth

Feedback is an essential element within the business sphere. It can be used to improve your business as a whole or help identify where you may make further improvements. It can be internally or externally driven and may not always be positive.

Essentially, feedback is a driving force behind a business’ growth and should be sought out and given by you to create a direct line of communication that the feedback is being received and put back into the business.

It is crucial to consider the following when you ask for feedback:

Who you are requesting feedback from and why
How to use the feedback effectively after receiving it
How your business can improve as a result of the feedback
What is/isn’t working for your business, and how you can address it

You can request feedback from:

Those who report to you (you can go down a few levels)
Those above you (you can go up a few levels)
Colleges in the same team/group
Colleges in other teams/groups
Vendors, suppliers and external contractors
Customers

As a business owner, it is crucial that you receive honest and constructive feedback while also providing it to your employees. To do so, one needs to ensure that the feedback is:

As specific and as close as possible to an event
Given and received in a safe place in an appropriate setting and time
Not judgemental or personal
Constructive and actionable

When receiving feedback, try to listen, reflect and respond.

Listen

Listen to the feedback provided to you, even if it makes you want to react immediately to it. Delay defending yourself, and listen closely to what exactly is being said. Internalise the feedback, and ask questions to clarify what they are saying to give yourself a concrete understanding.

Reflect

After receiving feedback, reflect on what was said with an open mind and understand the context in which the feedback has come from. Is it helpful feedback that you can use to improve or change accordingly? Rather than think “that wasn’t my intention” about the feedback, consider how it could have been perceived differently from the other’s view.

Respond

Giving feedback, particularly when it is negative, can be a daunting task. Respond with a thank you to the feedback, as it promotes a positive response irrespective of the nature of the feedback.