Here is our Free Tax Refund Calculator, Give it a try.
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Low Income Tax Offset and Low and Middle Income Offset
The Low Income Tax Offset (LITO) is a tax rebate for individuals on low incomes. Since 1 July 2013 the full offset is $445, with a withdrawal rate of 1.5 cents per dollar of income over $37,000, such that it cuts out at $66,667.
Tax-Free Threshold
If you are an Australian resident, income under $18,200 has a tax rate of 0% and so it is not taxed. This is known as the tax free threshold. However, you can only apply this threshold to one employment income source. If you have more than one job, you can’t claim the tax-free threshold on this income.
Progressive Tax Bands
Australian income is levied at progressive tax rates. Tax bracket start at 0%, known as the tax-free rate, and increases progressively up to 45% for incomes over $180,000. In addition to income tax, there are additional levies such as Medicare. Individuals on incomes below $18,200 are also entitled to the Low and Middle Income Tax Offset (LMITO). Tax rates vary depending on residential status.
About Us
Our goal is to provide you with a simple and user-friendly tool that will help you estimate your tax liability quickly and accurately.
We understand that taxes can be confusing and overwhelming, which is why we have created this website to make the process as easy as possible for you. Our tax calculator is designed to take into account all the relevant tax laws and regulations, so you can be confident that your estimate is reliable and up-to-date.
Whether you’re an individual or a business owner, our tax calculator can help you understand how much you will owe in taxes based on your income, deductions, and other relevant factors. With just a few simple inputs, you can get an estimate of your federal and state tax liability, and even see how changes to your income or deductions could affect your tax bill.
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