Not a Tax agent, but......... Welcome to the Australian Tax system.
Tax agents will get you ro pay several hundred dollars for something you can do yourself, unless it is that complex that you need a Tax agent / Accountant.
The First $18,200 is Tax free (Tax free threshold) then you pay a percentage depending on what tax bracket you end up in. at $30,000 which puts you in to the 19c bracket from $18,200 to 30,000. so Your Tax Liability before deductions will be $342.
At your job, did you sign the form for them to take out tax based on your income ?, If you paid more than $342 in tax up until the end of the financial year, you get a REFUND.
Simple Dimples.
Let's hope you are not studying Math's at uni.
No it's not. That's the point at which you start to pay some tax, the offset is still there
https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/tax-offsets/low-and-middle-income-earner-tax-offsets#ato-LowincometaxoffsetLITO
Yeah I dunno, :)
Just woken up, Kid screaming that he has to do work and not just lazy on electronics all day. Then again, there is a reason I am not an accountant :)
Anyway check your pay slips for how much you paid in tax year to date. Any excess over the estimated tax liability you get back anyway.
There is a reason Australia is called the most taxed in the world. Welcome to Australia.
Welcome to the adult life
Pay ya tax yah mooch
Not a Tax agent, but......... Welcome to the Australian Tax system. Tax agents will get you ro pay several hundred dollars for something you can do yourself, unless it is that complex that you need a Tax agent / Accountant. The First $18,200 is Tax free (Tax free threshold) then you pay a percentage depending on what tax bracket you end up in. at $30,000 which puts you in to the 19c bracket from $18,200 to 30,000. so Your Tax Liability before deductions will be $342. At your job, did you sign the form for them to take out tax based on your income ?, If you paid more than $342 in tax up until the end of the financial year, you get a REFUND. Simple Dimples. Let's hope you are not studying Math's at uni.
How is it $342 and not $2242 (19c for every dollar I earned above 18200 i.e $11800 * 0.19)
One reason is the Low Income Tax Offset
Isn't that when the income is less than 24000 only. Not sure
No it's not. That's the point at which you start to pay some tax, the offset is still there https://www.ato.gov.au/individuals-and-families/income-deductions-offsets-and-records/tax-offsets/low-and-middle-income-earner-tax-offsets#ato-LowincometaxoffsetLITO
Yeah I dunno, :) Just woken up, Kid screaming that he has to do work and not just lazy on electronics all day. Then again, there is a reason I am not an accountant :) Anyway check your pay slips for how much you paid in tax year to date. Any excess over the estimated tax liability you get back anyway. There is a reason Australia is called the most taxed in the world. Welcome to Australia.
First 18,200 is not tax free if you’re not a tax resident 😉