comptax

What is tax?

A fee charged ("levied") by a government on a product, income, or activity. If tax is levied directly on personal or corporate income, then it is a direct tax. If tax is levied on the price of a good or service, then it is called an indirect tax. The purpose of taxation is to finance government expenditure.

How tax affects economy?

Economists generally agree that true tax reform, where marginal tax rates are reduced while the tax base is broadened and the revenue collected stays the same, is good for economic growth. But tax cuts that diminish revenue are harmful to economic growth if they increase deficits and reduce national saving.

Tax for the financial year

Long-term capital gains are those you earn on assets you’ve held for more than a year. The current capital gains tax rates under the new 2018 tax law are 0%, 15% and 20%, depending on your income. Different slabs of income are imposed different rate of taxes. So the calculation depends much on different factors. These are well known by the professional agents who handle the taxes of different years.  Get the taxation 2018/2019 ready with the professionals.

Hire any of these professionals from any of the organization who can help you. Take the help of the online platform which can give you varied options. Even make use of the different apps which will help you get the amount of tax that you need to pay in the end of the financial years.

Useful income tax calculator

You can calculate your income tax liability or refund in Australia by using the following calculators provided by the Taxation Office (TO):

Simple tax calculator-This calculator will help you to calculate the tax you owe on your taxable income for the previous six income years.

Income tax estimator-This calculator will help you work out your tax refund or debt estimate for the previous four years.

Thus get your tax ready at the end of the year and be clear with the pending taxes too.