Income Tax in Australia

The Tax Year

The Australian Income tax year runs from 1st July to 30th June.

Tax File Number

Every income earner in Australia should have a tax reference number.

This tax Reference Number is called a Tax File Number, or TFN for short.

When this number is quoted to Employees and Banks (for interest payments etc), Income Tax will be deducted at the correct rates.

If no TFN is supplied, then Tax will normally be deducted at the maximum threshold rate.

Tax Returns

Almost every Australian income earner will complete a Tax Return every year.

Most employees will then get a tax rebate, shortly after submitting the Tax Return.

More Australian Income Tax Information and Tax Rates at: http://www.britzinoz.com/page.php?54



Tax Rates for the year 2008/2009

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