Income Tax

[Guest ali]

Hi Guys,

 

What is the income tax ratio in Australia?

 

How about corporate tax?

 

say if someone's salary is around $50,000 what will be the net income?

 

Cheers:smile:

 

Ali

[Guest Guest75]

I'm no expert mate but the Australian Tax Office has loads of calculators on their site - see here........... http://www.ato.gov.au/individuals/content.aspx?doc=/content/26030.htm

 

For our business and accounts we use Dougie Booth at Southern Taxation Services, great bloke. He has saved us a fortune in tax.

 

http://www.southerntaxationservices.com.au/

[Guest Helchops]

Well it's changing come July the first, and will be as follows:

 

$0 - $18,200 = 0%

$18,201 - $37,000 = 19%

$37,001 - $80,000 = 30%

$80,001 - $180,000 = 37%

$180,000+ = 45%

 

So, for someone earning $50,000, the tax payable is:

$0 - $18,000 = $0

$18,201 - $37,000 = 19% ($3,572)

$37,001 - $50,000 = 30% ($3,900)

Total $7,472

 

Medicare is 1.5% on top of the gross total, and you may be eligible for LITO offset, which is pretty minimal.

[Guest ali]

Thank you very much, both of you. Its slowly shaping up in my mind.

 

And great chart Helchops. Very handy:smile:

 

Cheers,

 

Ali

[Guest RobJ1978]

I don't get it all...do we lodge our tax claim after 30th June? With the education element you can only get it if you get family assist A but we havent had our payments through from centrelink yet...we will get back pay so can we still claim the education element do you think???

[Guest Mrs Bon Jovi]

I don't get it all...do we lodge our tax claim after 30th June? With the education element you can only get it if you get family assist A but we havent had our payments through from centrelink yet...we will get back pay so can we still claim the education element do you think???

 

We finally got ours processed on Friday and got it backdated from our arrival and had the education and clean energy advance added to it too. The person i spoke to said when its processed it should pick up all the one off payments etc that you would have been entitled to.

[Guest Helchops]

How long did it take to process?

[Guest Mrs Bon Jovi]

Ours took 14 weeks!!! Phoned a couple of times and was told they were experiencing delays and couldn't tell me how long it would be, but when I rang again on Friday they put me through to the processing department to find out what was going on. The guy there said he would process it there and then and rang me back half an hour later with the outcome.