ATO: Fringe Benefit’s Tax Rates 2024-2025
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 are an employee. These rates and thresholds apply for the […]
How are Working Holiday Makers (WHM’s) taxed!
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 national if you satisfy all the following – you are: -the holder […]
ATO: Under 18’s Employee Tax Rates
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 rates for adults. However, you pay the same individual income […]
What percentage of tax do I pay in Australia?
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 for each $1 over $120,000 $180,001 and over $51,667 plus […]
ATO – lower company tax rate
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 entity’, it needs to meet the following eligibility criteria: Your […]