The Australian Taxation Office (ATO) provides a weekly tax table for employers to use to calculate the amount of tax to withhold from an employee’s pay. This table takes into account an employee’s taxable income, marital status and the number of children an employee has. The Tax office updates this tax table each financial year …
Weekly Tax Table by The Australian Taxation Office Read More »
Capital gains tax is a tax imposed by the government on the profit or gain realized from the sale of a capital asset, such as stocks, real estate, or artwork. The amount of capital gains tax owed is calculated as the difference between the sales price of the asset and its cost basis, which is …
Income tax is a tax imposed by the government on an individual’s or a business entity’s financial income. The amount of income tax owed is based on a person’s taxable income, which is calculated by subtracting allowable deductions and exemptions from their gross income. The tax rate applied to a person’s taxable income which is …
The tax system in Australia is a federal system, with both the federal government and state governments collecting taxes. The main federal taxes are administered by the Australian Taxation Office (ATO) and include: Income tax This is a tax on personal and business income, including wages, salaries, and investment income. The tax rate is progressive, …
The Australian Tax Authority operates a progressive tax system. This means that those in the smaller tax bracket are taxed less while those in the bigger tax bracket are taxed more. The more you earn in Australia, the more you pay as tax. Aside from practicing the progressive tax system, there are a number of …
Tax Deductions and Offsets Available to Taxpayers in Australia Read More »
The Australian Taxation Office (ATO) is the primary tax collection agency in Australia. The ATO is responsible for administering federal taxes and other government programs, including the collection of income tax, goods and services tax, and superannuation contributions. The Tax Authority also provides information and assistance to individuals and businesses on tax-related matters and provides …
Australian Taxation Office and Major Taxes in Australia Read More »
Australia has a progressive tax system, this is to mean that the more income you earn, the more you pay as tax. In other words the tax rate increases as your taxable income increases. Tax brackets show the tax rate you will pay on each portion of your income. Incomes are grouped within a range …
The Medicare levy in Australia is an amount you pay in addition to the tax you pay on your taxable income. The Medicare levy helps fund some of the costs of Australia’s public health system known as Medicare. The Medicare levy is 2% of your taxable income. You may get a reduction or exemption from paying the Medicare levy, depending …
For most taxpayers in Australia, the Medicare levy is 2% of their taxable income. The Medicare levy surcharge is a separate levy from the Medicare Levy. It applies to taxpayers on a higher income who don’t have private health cover. The most used way to avoid the Medicare Levy Surcharge in Australia is by taking …
Medicare Levy Calculator: How is Medicare Levy Calculated in Australia? Read More »
AUT is the second largest university in New Zealand. We have been a university since 2000, but a place of learning for 120 years and operate in accordance with the Education Act (1989). Faculties and schools Faculty of Business, Economics and Law Te Ara Pakihi, Te Ōhanga Me Te Ture Business School – Te Kura Kaipakihi …