Jul '23 (edited) in Tax
2023 - How Tax Works
Your 2023 tax return refund is due to
Tax payable at regular tax rates
- PAYG withholding by your employer being slightly more than needed based on your salary
- Plus your Deductions at your Marginal Tax Rate (34.5% between 45k-120k)
- Less Other Income at your Marginal Tax Rate (34.5% between 45k-120k).
Other Payables
- Medicare Levy / Medicare Levy Surcharge / HELP/HECS Debt Repayment, etc.
Other Credits
- Tax Offsets (some are calculated automatically based on your income), or based on how we input your tax return.
- Dividend Franking Credits
While our software estimates the tax refund/payable - only once the tax return is submitted to the ATO do they do their calculations and checks and (when finished) send the Notice Of Assessment.
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2023 - How Tax Works
