Tag: Taxation
Historic Australian Tax Rates
Historic Income Tax rates in Australia
Tax Rates for the year 2014/2015
Taxable income Tax on this income 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… Read the restMedicare Levy and Surcharge
Medicare Levy in Australia
Medicare Levy
A Medicare Levy, currently at 2.0% of income, is charged to Individuals. (From 1 July 2014 the Medicare levy rose from 1.5% to 2.0%) In a similar way to the UK “National Insurance Contributions”,… Read the restTax Returns
Tax Returns in Australia
You need to Lodge a tax Return every Year
If you prepare and lodge your own tax return, the lodgment deadline is 31st October, ie: FOUR months after the tax year ends on June 30th.
If… Read the rest
The Australian Federal Budget
The 2010/2011 Australian Federal Budget
Tuesday 11th May 20102010 Budget Australian Tax Rates
Tax Deductions on interest income up to $1,000, a 50 per cent discount on up to $1000 of interest earned, to be effective from July 2011
And… Read the rest
Living Away from Home Allowance – LAFHA
Living Away from Home Allowance (LAFHA)
The Living Away from Home Allowance is one of the most popular searched terms for workers on the 457 Visa.
This tax benefit can be very advantageous to certain groups of Temporary Visa holders,… Read the rest
Education Tax Refund
The Education Tax Refund (ETR) is available for families who are able to claim Family Tax Benefit part A, or a few other benefits, enabling them to claim part of the education related costs of their children.
The basic rule… Read the rest
Tax File Number Application
All workers in Australia require a Tax File Number, so that tax is deducted correctly. No tax File Number will mean that Tax will be deducted at the maximum rate, up near 50% of earnings.
Here is the link for… Read the rest
Private Medical Insurance
18 common questions on private medical insurance
Why do I need Health Insurance?
What is the Federal Gov. 30% Rebate?
What is the Medicare Levy Surcharge?
Can someone else manage my policy for me?
How long will my kids be… Read the rest
The British Non Residency Test
Many British Expats will assume that once they are living in another country, that they are no longer under the watchful eye of the British Inland Revenue.
However, it has recently been shown that many of us have misunderstood the… Read the rest
LAFHA – Living Away From Home Allowance
The Living Away from Home Allowance is one of the most popular searched terms for workers on the 457 Visa.
LAFHA may cease to be available to foreign workers from July 2012
See: LAFHA to be abolished
This tax benefit… Read the rest
Medicare Levy on a Student Visa
The Medicare Levy is an Australian Government charge of 1.5% to help towards the costs of the Australian Medical System know as Medicare.
A Student Visa holder, in Australia for over 6 months is normally classed as an Australian Resident… Read the rest
Income Tax on a Student Visa
Australian Income Tax on a Student Visa
Income Tax rates are different depending on whether a person is classed as Tax Resident in Australia or not. The main difference is that a Tax Resident earner is able to earn the… Read the restStamp duty when buying Australian Cars
Stamp Duty is payable when you buy a car in Australia, whether New or Used.
The rate of duty currently varies depending on which State the vehicle is registered in, and is based on the value of the vehicle, and… Read the rest
Repay HECS HELP loan
A HECS HELP loan is a loan from the Australian Government for all or part of a students university contribution amount.
Repayment of this can be deferred until the student joins the workforce and earn in excess of the threshold… Read the rest
Australian Company Tax Rate
The following rates of tax apply to companies for the:
2009-2010
30% for companies, including corporate limited partnerships, strata title bodies corporate, trustees of corporate unit trusts and public trading trusts.
2012-2013
28% Small Companies
30% Large Companies
2013-2014
28%… Read the rest
Tax Rate Comparison UK-AUS
Comparison of Australian and UK wage and tax rates
July 2009
Average Earners
Based on the average/median Male Full time earnings for each country.
Total deductions as a percentage of gross earnings
23.9% UK
23.7% Aus
Note: An extra, non… Read the rest
Child Tax Credits Child Benefit
Both Australia and the United Kingdom governments provide financial assistance for families with children.
In Australia this is called Family Tax Benefit (FTB) whilst in the UK it is called Child Tax Credits and Child Benefit.
The benefits that I… Read the rest
Tax System Comparison UK-Aus
The Tax system in Australia may appear ‘similar’ to the UK tax sytem, but there are actually many differences.
These differences result in the majority of Australian taxpayers getting a tax refund at the end of every year.
Both the… Read the rest