Search

Income taxAustralia has a progressive tax system. This means that the more people earn, the more tax they pay and the bigger contribution they make to government services. The tax rates for different incomes in 2024-25 is shown in the table below. For the most recent tax rates, visit the ATO website.Table 1: Resident tax rates 2024-25Taxable incomeTax on this income0 – $18,200Nil$18,201 – $45,00016c for each $1 over $18,200$45,001 – $135,…

Continuity and change in Australia’s taxation and welfare systems Paragraph 1 1There has been both continuity and change in taxation collection in Australia in the time period since Federation. 2During this period, the collection of money from citizens in the form of tax has remained a constant. However, there was a significant shift in the responsibilities for tax collection during both the World Wars. 3States and territories had the sole…

Set a time-frame (weekly, fortnightly, monthly). Estimate your income. Estimate all ‘incoming’ money, including wages from a job, pocket money, and cash gifts, such as birthday money. Estimate required expenses. These are bills you have to pay, such as taxes, mobile phone costs, transport costs, if you can, you should get into the habit of ‘paying yourself first’ which means including an amount to save. Estimate discretionary expenses.…

Your business name is a name under which you operate your business. If you are going to operate your business in the name of the legal entity that owns the business, there is no need to register a business name. But if the legal entity that owns a business wants to identify the business with a different name, that different name must be registered with ASIC as a business name. It is a legal obligation. Step 1: Before you start You will need…

Submitting a tax returnA tax return is the form you use to tell the Australian Taxation Office (ATO) how much income you have earned and any allowable deductions you want to claim.You must lodge a tax return if:- you earn more than $18,200, no matter how old you are- you have had tax deducted from your pay.Even if you don’t need to lodge a tax return in a given year, you should still submit a Non-Lodgment Advice so the ATO doesn’t follow you up…

What is a SWOT analysis? A SWOT analysis is a tool for discovering internal strengths (S) and weaknesses (W) in a business, as well as identifying external opportunities (O) and threats (T). A SWOT analysis is often used by governments, non-profits, and individuals, including investors and entrepreneurs to evaluate the position of a business and to plan its future. It involves using data to identify the internal factors, such as product lines…

What is myTax? MyTax is the ATO’s online tool for lodging your tax return. It is web-based, so you don't need to download or print anything. You can use myTax on any device with internet access (computer, tablet or smartphone). What do you need before you start using myTax for the first time? A computer, tablet or smartphone with internet access. A myGov account. A tax file number (TFN). Your date of birth. If you are new to tax, you may…

This budget planner will help you to work out if you are living within your means, where you are spending your money and identify areas where you can make savings. What will I need to use the budget planner? You will need a computer or smart phone with internet access. You will also need information about your income and costs in relation to: home and utilities such as rent, mortgage, gas, power and rates insurance and finances such as…