The government will acquire a certain amount of money from the money you earn, and this is known as income tax. Usually, it is paid throughout the year. As an employee, your employer will deduct tax from each pay and send it to the Australian Tax Office (ATO).
The amount of tax you pay will rely on how much you earn. A sliding scale of tax is utilized in Australia. Just in case you don’t know, the marginal tax rate is the highest rate of tax that you will be paying. To read more about taxes – please click here .
To find out how much tax you need to pay this year, you can take advantage of our tax calculator: