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Personal Tax:

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Personal tax, or PAYG tax, is the tax that you pay on your wages. The personal tax law, or income tax law, whilst appearing to be simple, is actually quite complex in nature. It is important that you understand what the personal tax rules are, which deductions are available to you, and what your personal tax obligations are. In Australia, the Australian Taxation Office is the organisation responsible for the collection, management and enforcement of personal tax. It is important that you keep information relating to your personal tax affairs for a period of six years in case you are audited by the Australian Taxation Office (ATO).

Main tax legislation in Australia?

The main sections of personal tax legislation are the Income Tax Assessment Act 1997 (Cth), the Income Tax Assessment Act 1936 (Cth),  the Income Tax Act 1986 (Cth) and the International Tax Agreements Act 1953 (Cth). These sections of legislation, together with others, form the basis for which personal tax law is applied to individuals in Australia.

Who must pay income tax?

In Australia, both individuals and businesses are required to pay income tax. The personal income tax rate increases depending on the amount of income that you earn as an individual.  The amount of tax that you need to pay will vary of the income that you earn in any financial year.

How much personal tax will I pay?

As discussed, the amount of personal tax that you will have to pay will vary depending on how much you earn. Depending on what type of work you do, you may be able to claim deductions which will help reduce your taxable income, thereby reducing the amount of personal tax that you have to pay.

If you are unsure about whether the amount of personal tax you are paying is correct, or you would like general tax legal advice, you can meet with one of our tax lawyers to discuss your circumstances. We invite you to contact us by telephone on (02) 9233 4048 or by email to info@navado.com.au to arrange an appointment today.

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