Income Tax



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Income Tax in Australia.

Income Tax in Australia is paid by most employees on a Pay as you Earn basis.

Almost everyone in Australia needs to lodge a tax return every year with the ATO, even those who pay no tax need to advise the ATO of that to avoid being chased for non lodgement of tax returns.

Most Tax returns need to be completed by the end of October, 4 months after the tax year ends on 30th June. Taxpayers registered with a Tax Agent are allowed to have that time limit extended to the deadline allocated to that particular Tax Agent.

Most employees will have tax calculated based on their pay period, and many taxpayers end up paying too much tax during the year. Consequently, a large number of taxpayers actually get tax refunds at the end of each tax year, and normally within 14 days of lodging their end of year tax return.

In 2006-07 there where 11.8 million taxpayers, and 9.9 million of these received refund payments. Many refunds are in the region of $500 to $1,000.

The Australian Tax Office (ATO) have rates set for each tax year beginning on the 1st of July each year.

Income Tax in Australia 2017 – 2018.

A resident taxpayer in Australia who earns $18,200 or under, in the year, will pay NO tax on that income.
If the annual income is $37,000 then the tax payable is $3,572. This is 9.65% of Taxable Income.
At an income of $87,000 the tax will be $19,822. This is 22.78% of Taxable Income.
For a higher earner at $180,000 the tax will be $54,232. This is 30.13% of Taxable Income.


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Income Tax Rates 2017-2018 Australia

Income Tax Rates 2016-2017 Australia

Income Tax Rates 2015-2016 Australia

Income Tax Rates 2014-2015 Australia

Income Tax Rates 2011-2012 Australia

Income Tax Rates 2010-2011 Australia

Income Tax Rates 2009-2010 Australia

Income Tax in Australia 2011 – 2012.

A resident taxpayer in Australia who earns $16,000 or under, in the year, will pay NO tax on that income.
If the annual income is $37,000 then the tax payable is $4,650. This is 12.6% of Taxable Income.
At an income of $80,000 the tax will be $17,550. This is 21.9% of Taxable Income.
For a higher earner at $180,000 the tax will be $54,550. This is 30.3% of Taxable Income.

The low income tax rebate for 2011-12 means that most people earning under $16,000 will pay no tax.

There is a low income offset rebate available to all people on low incomes, and this, for the 2009/10 tax year, means that most people earning under $15,000 will pay no tax.

 

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