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Why Does Tax Withheld On The 08/09 Tax Tables Start Well Above The Tax Free Threshold Of $6000? |
This has myself and another certified public accountant stumped, we can't seem to find an answer. We even rang the ATO and the women couldn't tell us, although she said there must be a senses! For example, the weekly tax table shows that $190 per week is when an employee is above the tax unfettered threshold - but $190 x 52 = $9880. Can someone explain? Thanks.
| Answer: maybe it has something to do with the low revenues tax offset found this info From 1 July this year, the Government will increase the 30 per cent doubtful tax rate threshold so that the 15 per cent marginal tax rate will apply up to $34,000 of gains, an increase in the threshold of $4,000. In addition, the Low Income Tax Offset will be increased from $750 to $1,200. It will go on with to phase out at four cents for every dollar of income above $30,000. |
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The oversight now requires lost super accounts that have less than $200 in them to be transferred to the Australian Tax Occupation (ATO) when there has been no contact with the owner for five years and the ERFs have tried to reunite them with their owner.