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Tax system in Sydney


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Taxes in Australia are taken in advance from your pay by your employer according to the rate corresponding to your level of salary. Late in the fiscal year (the 30th of June ), you have to fill out a tax return. In most cases an excess "tax return" will be paid to you by the ATO (Australian Tax Office). The Australian tax system is heavy and it works in brackets:

The tax brackets for the financial year 2007-2008 for temporary resident are as follows:

  • from $0 to $30,000 : 29c for each $1
  • from $30,001 to $75,000 : $8,700 plus 30c for each $1 over $30,000
  • from $75,001 to $150,000 : $22,200 plus 40c for each $1 over $75,000
  • $150,001 and above : $52,200 plus 45c for each $1 over $150,000

Again, the tax brackets do not include the 1.5% Medicare levy. All figures are in Australian Dollars.

More information on the Australian Taxation Office web site:
http://www.ato.gov.au

Update 29/04/2008


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 Comments

 Britzinoz

30/04/2009

Tax Rates for the year 2008/2009
Tax Rates for the year 2008/2009 are:

Taxable income : Tax on this income
$0 – $6,000 : Nil
$6,001 – $34,000 : 15c for each $1 over $6,000
$34,001 – $80,000 : $4,200 plus 30c for each $1 over $34,000
$80,001 – $180,000 : $18,000 plus 40c for each $1 over $80,000
Over $180,000 : $58,000 plus 45c for each $1 over $180,000

* Low income earners under $14,000 will pay no tax, due to the Low Income Tax Offset.

The above rates DO NOT include the 1.5% Medicare levy

Source: http://www.britzinoz.com/page.php?54

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