Five Dock tax accountants, Gotsis Rubic & Barbariol, offer expert tax advice for individuals on a number of tax issues, including personal tax incentives and grants. They help individuals save on tax liabilities and those that are eligible for first time home purchases. If you are planning to purchase your first home, these guidelines will help you make informed decisions.
First Home Owner Grant (FHOG)
When you buy your first home you are entitled to receive the $7,000 grant which may be applied to reduce you total borrowings.
First Home Owner Boost
The Australian government extended the First Home Owner Boost that is in addition to the $7,000 FHOG, for eligible first time home purchasers. This has expired on 31 December 2009.
Australian Residents Individual Tax Rates
Tax rates in effect for 2009-10 are:
| $0 – $6,000 | Nil |
| $6,001 – $35,000 | 15c for each $1 over $6,000 |
| $35,001 – $80,000 | $4,350 plus 30c for each $1 over $35,000 |
| $80,001 – $180,000 | $17,850 plus 38c for each $1 over $80,000 |
| $180,001 and over | $55,850 plus 45c for each $1 over $180,000 |
