income tax schedule - meaning and definition. What is income tax schedule
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What (who) is income tax schedule - definition

OVERVIEW ABOUT THE INCOME TAX IN AUSTRALIA
Income tax (Australia); Australian income tax; Payroll tax in Queensland

Income tax         
  • General government]] revenue, in % of GDP, from personal income taxes. For this data, the [[variance]] of GDP per capita with purchasing power parity (PPP) is explained in 27 % by tax revenue
  • Citizenship-based}}
  • Payroll]] and income tax by OECD Country in 2013
  • upright
  • marginal statutory corporate income tax rate,  marginal statutory personal income tax rate in OECD
  • Top marginal tax rate of the income tax (i.e. the maximum rate of taxation applied to the highest part of income)
TAX IMPOSED ON INDIVIDUALS OR ENTITIES (TAXPAYERS) THAT VARIES WITH RESPECTIVE INCOME OR PROFITS (TAXABLE INCOME)
Income Tax; Income taxes; Personal income tax; Personal Income Tax; Personal income taxes; IRPEF; Income taxation; Income Taxes; Individual income tax; Criticisms of income taxation; Personal profit tax; Personal tax; History of income taxes
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income.
income tax         
  • General government]] revenue, in % of GDP, from personal income taxes. For this data, the [[variance]] of GDP per capita with purchasing power parity (PPP) is explained in 27 % by tax revenue
  • Citizenship-based}}
  • Payroll]] and income tax by OECD Country in 2013
  • upright
  • marginal statutory corporate income tax rate,  marginal statutory personal income tax rate in OECD
  • Top marginal tax rate of the income tax (i.e. the maximum rate of taxation applied to the highest part of income)
TAX IMPOSED ON INDIVIDUALS OR ENTITIES (TAXPAYERS) THAT VARIES WITH RESPECTIVE INCOME OR PROFITS (TAXABLE INCOME)
Income Tax; Income taxes; Personal income tax; Personal Income Tax; Personal income taxes; IRPEF; Income taxation; Income Taxes; Individual income tax; Criticisms of income taxation; Personal profit tax; Personal tax; History of income taxes
¦ noun tax levied directly on personal income.
income tax         
  • General government]] revenue, in % of GDP, from personal income taxes. For this data, the [[variance]] of GDP per capita with purchasing power parity (PPP) is explained in 27 % by tax revenue
  • Citizenship-based}}
  • Payroll]] and income tax by OECD Country in 2013
  • upright
  • marginal statutory corporate income tax rate,  marginal statutory personal income tax rate in OECD
  • Top marginal tax rate of the income tax (i.e. the maximum rate of taxation applied to the highest part of income)
TAX IMPOSED ON INDIVIDUALS OR ENTITIES (TAXPAYERS) THAT VARIES WITH RESPECTIVE INCOME OR PROFITS (TAXABLE INCOME)
Income Tax; Income taxes; Personal income tax; Personal Income Tax; Personal income taxes; IRPEF; Income taxation; Income Taxes; Individual income tax; Criticisms of income taxation; Personal profit tax; Personal tax; History of income taxes
n. a tax on an individual's net income, after deductions for various expenses and payments such as charitable gifts, calculated on a formula which takes into consideration whether it is paid jointly by a married couple, the number of dependents of the taxpayers, special breaks for ages over 65, disabilities and other factors. Federal income taxes have been collected since 1913 when they were authorized by the 16th Amendment to the Constitution. Most states also assess income taxes, but at a substantially lower rate than that of the federal government. See also: income tax

Wikipedia

Income tax in Australia

Income tax in Australia is imposed by the federal government on the taxable income of individuals and corporations. State governments have not imposed income taxes since World War II. On individuals, income tax is levied at progressive rates, and at one of two rates for corporations. The income of partnerships and trusts is not taxed directly, but is taxed on its distribution to the partners or beneficiaries. Income tax is the most important source of revenue for government within the Australian taxation system. Income tax is collected on behalf of the federal government by the Australian Taxation Office.

The two statutes under which income tax is calculated are the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997; the former is gradually being re-written into the latter. Taxable income is the difference between assessable income and allowable deductions. There are three main types of assessable income for individual taxpayers: personal earnings (such as salary and wages), business income and capital gains. Taxable income of individuals is taxed at progressive rates from 0 to 45%, plus a Medicare levy of 2%, while income derived by companies is taxed at either 30% or 27.5% depending on annual turnover, but is subject to dividend imputation. Generally, capital gains are only subject to tax at the time the gain is realised and are reduced by 50% if the capital asset sold was held for more than one year.

In Australia the financial year runs from 1 July to 30 June of the following year.

Examples of use of income tax schedule
1. More relief will be provided to the government employees either giving raise in their emoluments or making amendments in income tax schedule.