Working Holiday Makers Tax Rates 2024-25.

Working Holiday Makers Tax Rates 2024-25.

The tax rates for Working Holiday Maker visa holders, for the year starting from 1 July 2024, are shown below.

They apply for visa subclasses 417, 462 and 408.

These visa holders do NOT have a tax free threshold.

Taxable Income and Tax Rates … Read the rest

Employment Tax comparison.

Employment Tax comparison Australia, USA and UK.

The following employment income deduction percentages include the Income Tax and combined employee/employer Social Security contributions.

Tax Wedge in 2021.

  • 2021: 27.1% Australia
  • 2021: 28.4% USA
  • 2021: 31.3% UK
  • 2021: 34.6% OECD average.

Tax Wedge in 2000.

  • 2000: 31.0% Australia
  • 2000: 30.8% USA
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Seniors and Pensioners Tax Offset 2022–23

Seniors and Pensioners Tax Offset (SAPTO) for the 2022–23 income year.

SAPTO Offsets and Thresholds for 2022-23

Maximum offset value for the year:

  • $2,230 Single Person
  • $1,602 each member of couple
  • $2,040 each member of couple, separated by illness.

Cut off Threshold at annual income of:

  • $50,119 Single Person
  • $41,790
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Medicare Levy Surcharge

Medicare Levy Surcharge in Australia.

The Medicare levy surcharge (MLS) was introduced to encourage individuals to take out private hospital cover and reduce demand on the public Medicare system. This should free up Public Medical facilities and reduce waiting times.

The Medicare levy surcharge is in addition to the Medicare … Read the rest

Stiff ATO penalties for failure to declare crypto profits

Failure to declare Crypto profits may incur high ATO penalties.

People who hold cryptocurrencies such as bitcoin, as an investment, are likely to receive a notification from the Australian Taxation Office if they fail to declare when they are sold at a profit.

In Australia Cryptocurrency transactions are subject to … Read the rest