The Australian Tax Office (ATO) published a guide to determine your taxable earnings in Australia and the US on Monday.
The guide was based on information provided by the Australian Tax Institute (ATI), which was not a direct source of the information.
It said it was “comprised of two sections, ‘The basic approach’ and ‘The more complex approach’.”
The basic ‘basic approach’ provides basic information about the taxable income and the amount of tax you pay.
It also contains a ‘more complex approach’ that describes how to calculate the taxable earnings and tax deductions you may be able to claim.
“The guide has been published in conjunction with the Australian Institute of Taxation (AIT).
It includes a summary of the tax laws in Australia, a table summarising the tax brackets and the rates for different types of income and a table of the deductions you can claim, and the rules that apply to them.”
The more complicated ‘more detailed approach’ is intended for those who want to know the tax implications of certain types of deductions you claim, such as those related to income tax, GST and other Commonwealth and State taxes, as well as deductions for certain other types of tax, such a foreign tax credit, Medicare, Medicare rebate, capital gains tax and other GST.
The ATO says it also provides advice on whether you can deduct the full cost of a home mortgage or rental property from your taxable incomes.
The tax laws are very complex and there are lots of different tax rules and structures in Australia.
“This guide provides general information about all the tax rules that may apply to you,” the ATO said.
“If you want to learn more about particular tax rules, you can contact the ATI to get the most up-to-date information about them.”
Read more about income tax in Australia
