Ashish's income is A$81,852 which he earns from teaching at redlands, however a certain amount of this money goes to tax. According to the PAYG income tax rates 2012 - 2013, A$17, 547 is taxed from his income. Ashish also gives 37c to each A$1 over A$80,000, giving a total of A$18,232 or 29% of he's income being taxed.
Ashish's income is A$81,852 which he earns from teaching at redlands, however a certain amount of this money goes to tax. According to the PAYG income tax rates 2012 - 2013, A$17, 547 is taxed from his income. Ashish also gives 37c to each A$1 over A$80,000, giving a total of A$18,232 or 29% of he's income being taxed.
Ashish's income is A$81,852 which he earns from teaching at redlands, however a certain amount of this money goes to tax. According to the PAYG income tax rates 2012 - 2013, A$17, 547 is taxed from his income. Ashish also gives 37c to each A$1 over A$80,000, giving a total of A$18,232 or 29% of he's income being taxed.
Ashishs income is A$81,852 (Department of Education, 2015) which
he earns from teaching at Redlands, however he doesnt keep all this many, a certain amount of this money goes to tax (the part of our income taken by the government to pay for collective goods and services). The personal income tax is money taxed by the government from how much you earn. Because Ashish earns A$81,852, according to the PAYG income tax rates 2012 2013, A$17, 547 is taxed from his income because he earns between A$80,000 and A$180,000. Ashish also gives 37c to each A$1 over A$80,000, giving a total of A$18,232 or 29% of hes income being taxed (ASIC, 2014). Australian taxpayers pay 2.0 percent of their taxable income, in order to have access to heath care, this tax is called Medicare levy. Ashish pays a Medicare levy of A$1,637 (ASIC, 2014). In total 37% of Ashishs income is taxed leaving him with A$61,983 after tax. When Ashish started working for Redlands, he was asked for his Tax File Number (TFN). Tax file numbers are used to pay taxes and are required to lodge your annual tax return. At the end of the financial year 30 June, individuals lodge an annual tax return to ATO providing information on income and liabilities and can claim any deductions or offsets. As a teacher, Ashish has many work-related expenses that they can claim such as; motor vehicle, self-education, Clothing related to work, and electronics; phone, computer, computer software and educational aid (Australian Taxation Office, 2014). Ashish has lodged his tax return online and so will have to wait 12 business days to receive his return (Australian Taxation Office, 2014)