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The Australian taxation system is complex and impacts nearly every aspect of life Down Under. From the money you earn to the goods and services you buy, taxes shape the Australian economy and funds essential government services. Understanding how taxes work in Australia is an important part of being an informed citizen.
If you’re paying taxes through the Pay As You Go (PAYG) system as a sole trader, you might need to adjust your instalments if your circumstances change or your income varies throughout the year.
Have you earned foreign income? You’ll need to declare your foreign income in your Australian tax return, however there are tax offsets and exemptions you may be entitled to.
Just started a job? Not sure how the whole income tax thing works? Read on to learn everything you need to know about pay-as-you-go (PAYG) tax and how it works in Australia.
Most people associate redundancy with simply losing a job, but the ATO has specific definitions. Not all redundancy payments are taxed in the same way. Read on for a clear explanation of whether you’ll have to pay any tax on your redundancy pay.
If you have more than one job, you can generally only claim the tax-free threshold for your first job or the job that pays the most. Does this mean you’ll pay a massive amount of tax on your second job? Read on to clear up the confusion.