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Fee-paying students are charged the full cost of their course, with no Commonwealth contribution. Some fee-paying students can obtain loans under the Higher Education Loan Programme, called FEE-HELP loans, to cover all or part of their fees. This is available to Australian citizens, New Zealand citizens and permanent humanitarian visa holders.
Companies or groups of companies that pay $1,100,000 or more a year in Australian wages must pay payroll tax. [34] There are deductions, concessions and exemptions available to those that are eligible. From 1 July 2012: [32] The rate of payroll tax is 4.75%. The annual threshold is $1,100,000. The monthly threshold is $91,666.
The progressive nature of income tax in Australia results in different income groups paying different amounts. The top 1% of income earners pay 18% of income tax received. The top 3% pay 28% of income tax. The top 10% of earners paid 46% of all income tax paid. The bottom 50% of earners paid 11% of all income tax. [19]
If you take out student loans to pay for college, you might qualify for the student loan interest deduction. This deduction allows you to reduce your taxable income by up to $2,500 per year.
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The first university established in Australia was the University of Sydney in 1850, followed in 1853 by the University of Melbourne.Prior to federation in 1901 two more universities were established: the University of Adelaide (1874) and the University of Tasmania (1890).
American Opportunity Tax Credit: This credit is available for the first four years of eligible costs and can provide up to $2,500, including a $1,000 refundable portion. It requires being a degree ...
Educational institutions are exempted from paying taxes that are similar to the tax paid by for-profit companies. Educational institutions are usually managed by a 'charitable trust', society, etc. Corporate tax in India in late 2010s was approximately 25-30%, and a higher tax rate was prevalent in the 1980s, 1990s and early 2000s.