Income Tax Law

Income Tax Law

Introduction

A tax is a payment made to the government by an individual who has earned certain amount during a year. Income tax is a most important basis of income to the government. In other words it is an amount charged by a government on products, income, or activities.

Discussion

Any person resident in Australia, even temporarily, must file at the end of the fiscal year (set in Australia at 30 June of the following year) a statement of income (Tax Return) with the Australian Taxation Office (ATO) the Australian Taxation Office. Two options are possible: the Internet (recommended as easier) or by visiting the ATO agencies. In Australia, income tax is deducted at source. This is your tax registration number (Tax File Number) which you must allocated before a job that determines your level of taxation.

Taxation in Australia

Income tax in Australia is high just yet. The appraisal is made ??by income levels, and the more a person earns, the more tax paid. One of the things that most Australians are aware, is on the application made ??by the government of the money paid by the Taxpayers (taxpayers) to Taxation Office (Federal Tax) and if the government does not use the money properly, out claim from all sides, both from the population, the major opposition parties.

Australian taxes are deducted at source (unlike in France). July 1 (Australian fiscal year) must file a Tax Return (Form tax return) to the ATO may receive the excess. You between July 1, October 30 to make this statement. Reside more than 6 months in Australia entitles you to a smaller tax rate (15% instead of 30). In addition, if the income does not exceed $ 6,000 AUD, there will be no tax is why it is important to make this statement. If the ATO had an overpayment you will be refunded (procedure between 20 and 30 days).

If you earn more than $ 450 / month, the employer must pay a contribution to superannuation, which allows you to contribute to your retirement. To recover superannuation, you must request a summary of earnings that will have been paid (a PAYG) and require the details of the superannuation fund of your business (codes, numbers, etc.).

Tax residents

If you live in Australia or have regularly resided in the country for more than six months during the tax year, you must pay taxes according to the scale applied to tax residents. If you earned less than $ 6000 AUS, you will not be taxed. In addition, the rates vary from 15-45% depending on income. A contribution to the health system "Medicare" 1.5% obligatory and independent of the tax rate is also deducted from your salary.

Non-tax residents

If your stay in Australia during the fiscal year is less than 6 months, you will be taxed as non-resident tax. The tax schedule is slightly different and the rate varies from 29 to 45% depending on the income earned.

Income according to the Australian Law is any amount earned or derived or received for ...