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New tax brackets come into effect in Australia starting July 1, 2024, This video is your ultimate beginner's guide to these new personal income tax brackets, easy-to-use tax calculators, legal tax minimization strategies, and DIY tax return lodging. 🍿 WATCH NEXT: ►What You Didn't Know About Australia's Tax-Free Threshold FY25 • What You Didn't Know About Australia's Tax... ►8 Superannuation Changes from 1 July 2024 (Australia) • 8 Superannuation Changes from 1 July 2024 ... ►7 Superannuation Strategies to SAVE TAX for FY24 • 7 Superannuation Strategies to SAVE TAX 👩🏻WHO AM I? Hey 👋 I’m Rui, a financial planner-turned-financial educator. Through my videos here on this channel, I provide practical and actionable information to help you make informed money decisions. ⭐MY FAVOURITE BOOKS & TOOLS & GEAR ►A children's book I wrote - https://amzn.to/3SwfdtD ► Rize - How I track my time and stay productive https://rize.io?code=3842F6&utm_sourc... Some of the links in this description are affiliate links that I get a kickback from 😜 💌Subscribe for More Insights / @ozruishi #newtaxaustralia #australiantaxes #taxbracketaustralia ⌚️Timestamps: 00:00 Intro 00:26 Tax Brackets 03:16 Medicare Levy 03:35 Other taxes and levies - Medicare Levy Surcharge 04:02 Other taxes and levies - HELP debt repayment 04:42 Taxable income and common deductions 05:33 Tax calculator 06:34 PAYG system 07:39 Keep deductions organised 07:57 Lodge a tax return 📚Disclaimer This video is for educational purposes only and is not intended as financial advice. Before acting on any information, you should seek professional advice and verify my interpretations before relying on the content or calculations in the videos, while also considering its appropriateness in relation to your personal situation.