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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]
Payroll tax is a general purpose tax assessed on the wages paid by an employer in Western Australia. The tax is self-assessed in that the employer calculates the liability and then pays the appropriate amount to the Office of State Revenue, by way of a monthly, quarterly or annual return. From 1 July 2014: [32] The rate of payroll tax is 5.5%.
The Australian Taxation Office (ATO) administers a pay-as-you-go tax (PAYG) withholding system. Introduced in 1999, it merged 11 previous payment and reporting systems, one of which was a "PAYE" system for employee income, from which the name "PAYG" distinguishes. [8]
the remaining amount below the low tax threshold ($160,000 in 2010/11 for those 55 and older) is tax free, with the low tax threshold being indexed annually by Average Weekly Overtime Earnings in increments of $5,000. amounts above that are generally taxed at 15% plus the Medicare levy.
For the FBT year ending 31 March 2015, Fringe Benefits Tax will be payable by the employer at a rate of 47%, which represents the highest marginal income tax rate (45%), plus the Medicare levy as increased on 1 July 2014 (2%). This rate is applied to the "grossed up" taxable value of all the benefits given to employees less any contribution ...
In the 2012–13 financial year, the ATO collected revenues totalling $313.082 billion in individual income tax, company income tax, goods and services (GST) tax, excise and others. [ 6 ] Former employee Richard Boyle has alleged that there was a culture within the ATO to increase the use of garnishee notices , which allow the ATO to access ...
Tax withholding, also known as tax retention, pay-as-you-earn tax or tax deduction at source, is income tax paid to the government by the payer of the income rather than by the recipient of the income. The tax is thus withheld or deducted from the income due to the recipient. In most jurisdictions, tax withholding applies to employment income.
A "mirror" tax is a tax in a U.S. dependency in which the dependency adopts wholesale the U.S. federal income tax code, revising it by substituting the dependency's name for "United States" everywhere, and vice versa. The effect is that residents pay the equivalent of the federal income tax to the dependency, rather than to the U.S. government.
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