I want to know the easy formula on how individual tax is being calculated.
Hiya @Samsafi 👋
It's not that easy or straight forward. 🤓
There's how the ATO assesses your annual income at tax time when you lodge a return and there's how your employer must withhold, based upon the frequency of pay (Regular tax tables, probably) for specific types of payments such as salary and wages. Other types of payments, such as bonuses, lump sums etc, are taxed at different rates.
Deanne
Hiya @Samsafi 👋
It's not that easy or straight forward. 🤓
There's how the ATO assesses your annual income at tax time when you lodge a return and there's how your employer must withhold, based upon the frequency of pay (Regular tax tables, probably) for specific types of payments such as salary and wages. Other types of payments, such as bonuses, lump sums etc, are taxed at different rates.
Deanne
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