Tax Management

New Prosperity provides a tax management service that helps you and your family understand where your tax dollars are going.

Tax management is something few people pay attention to through out the tax year, usually it is all left to the last minute after the end of the tax year when group certificates have been received from the employer and bank statements received from your bank.

New Prosperity calculates tax using Australian tax tables and current tax rates as established by the Australian taxation office each year.

Think of New Prosperity as an Australian tax calculator that will calculate your gross personal income from all usual sources of income. At the same time it will calculate your total tax deductions, before tax, after tax and even Non cash deductions. From this information your gross taxable income will be defined. At this point your tax payable is calculated including Medicare levy and the Medicare Surcharge if applicable.

Once your net after tax income is calculated all rebates are applied and added back to your Net Income plus any Non taxable Income.

This information is calculated for both you and your partner then it is forwarded to the Summary pages for easy viewing and printing if need be. 

SCENARIOS:

Once all information is inputted, this is when New Prosperity becomes empowering to you. At this time you can model scenarios, look at impacts of the “What If’s” of life. Too many to mention here, suffice to say looking at the impact of tax on your wealth building aspirations is one of the more important issues you should consider in any financial decision made in your home.