A fringe benefit is a ‘payment’ to an employee, but in a different form to salary or wages. According to the FBT legislation, a fringe benefit is a benefit provided in respect of employment. This effectively means a benefit is provided to somebody because they… Read More »ATO: Fringe Benefit’s Tax Rates 2024-2025
Working holiday makers (WHM’s) may be taxed on the same basis as a resident Australian national if they are both: -from a non-discrimination article (NDA) country -an Australian resident for tax purposes. Criteria for same tax rate You may be taxed on the same basis as a resident Australian… Read More »How are Working Holiday Makers (WHM’s) taxed!
Under 18 year old individuals working as employees have special rules that apply to the income they earn. Certain income may be taxed at higher rates. If you are under 18 years old, some of your income may be taxed at a higher rate than an individual’s income tax… Read More »ATO: Under 18’s Employee Tax Rates
Australian Resident Tax Rates 2021/22 Financial Year Taxable income Tax on this income 0 – $18,200 Nil ($0) Tax $18,201 – $45,000 19 cents for each $1 over $18,200 $45,001 – $120,000 $5,092 plus 32.5 cents for each $1 over $45,000 $120,001 – $180,000 $29,467 plus 37 cents… Read More »What percentage of tax do I pay in Australia?
From the 2021–22 income year, companies that are base rate entities must apply the 25% company tax rate. The rate was previously 27.5% from the 2017–18 to 2019–20 income years and 26% in the 2020–21 income year. For your company to be a ‘base rate… Read More »ATO – lower company tax rate