Hello,
I am currently in Australia on a Working Holiday visa and have a question regarding the tax threshold reset at the end of the financial year (July 1st, 2024).
To provide some context, I started working on January 2nd, 2024, and as of June 26th, 2024, my gross salary has totaled $56,000.
Throughout this period, my employer has withheld taxes via the PAYG system. For the first $45,000 of my income, I was taxed at 15%, and for the income exceeding this amount, I have been taxed at 32.5%.
Could you please clarify whether the $45,000 tax threshold at the 15% rate resets to $0 at the beginning of the new financial year (July 1st, 2024)? Or should I continue to accumulate my taxable income from January 2024 onwards?
I have not been able to find any information online regarding whether the $45,000 tax threshold resets at the end of the financial year for Working Holiday Makers.
Many thanks,
Rayan
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