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| *Ostroff, Fair and Company>>>Australia Taxes |
How is tax calculated? is it based on a percentage? if so what is it? |
How is tax calculated? is it based on a percentage? if so what is it? Yes, it's based on a percentage. But the percentage varies by how much income you have. It's called a graduated tax, where the rich, are supposed to pay more and the poor are supposed to pay less. Australia as a progressive personal income tax system. Amounts are taxed according to their marginal rate. This means, your first $6000 is taxed at 0%, the amount between $6001 and $21,600 is taxed at 17%, the amount you earn between $21,601 and $63,000 is taxed at 30%, the amount between $63,001 and $95,000 is taxed at 42% and any amount you earn above $95,001 is taxes at 47%. These rates apply to Australian tax residents. Australian tax residents also have to pay an additional 1.5% levy to pay for the health system (called the Medicare Levy). Non-residents don't have to pay the levy, but they pay more tax. If you run a company, the rate is a flat 30%. http://www.ato.gov.au/individuals/conten... |
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