Your Income Tax In Australia

In Australia the tax system is a little different to what you find in the UK although there are some similarities, like having to unwillingly hand over a percentage of your hard earned money.

What’s Different?

Here’s a brief introduction to your income tax in Australia. Down Under the Tax Year runs from 1st July to 30th June, and those who earn anything from $6,000 and higher are expected to pay taxes and fill out a tax return. For the previous tax year, residence have until 31st October to file that year’s return. For only special circumstance can residence be given extensions to file their tax returns.

Like in the UK and across the world, failure to file your tax return will result in a fine and or prosecuted for tax evasion. So, best to get your tax return filed and out the way so then you can enjoy a nice tax rebate if your eligible for one.

Below are the tax rates on residents’ income in Australia for the tax year 2014/2015

$0           – $18,200 = NIL
$18,201 – $37,000 = 19c for each $1 over $18,200
$37,001 – $80,000 = $3,572 plus 32.5c for each $1 over $37,000
$80,001 – $180,000 = $17,547 plus 37c for each $1 over $80,000
$180,001 and over = $54,547 plus 45c for each $1 over $180,000