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TaxationTaxation

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Stage 5Stage 5Year 9Year 9

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Taxable Income (1/5)

Taxable Taxable IncomeIncome

= Gross Income= Gross Income

+ Other Income+ Other Income

- Tax Deductions- Tax DeductionsThe Tax ManTax Man allows

you to reduce taxable incometaxable income for

expenses like uniforms

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Taxable Income (2/5)

Taxable Taxable IncomeIncome

End ofSlide

Margaret has a gross salary of $52,300 per annum. She has tax deductions of $3,700.

Taxable Income = $52,300- $3,700= $48,600

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Taxation Tables (3/5)

Tax on $55$55 000000= $4$4 200200 + $0.30$0.30x (55000 – 34000)(55000 – 34000)= $10$10 500500 End of

Slide

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Taxation Tables (4/5)

Tax on $10$10 000000= $0$0 + $0.15$0.15x ($10($10 000 – $6000)000 – $6000)= $600$600

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Medicare Taxation Tables (5/5)

Levy on $55$55 000000= 0.0150.015x $55$55 000000

= $825$825

Levy on $14$14 000000= 00

Medicare CalculatorMedicare Calculator

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