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