![]() This includes any income you receive for full-time, part-time or casual work. Your assessable income must be declared on your tax return each year. Tax offsets or credits reduce the tax payable on taxable income, but tax offsets should not be confused with deductions.ĭeductions reduce a taxpayer’s assessable income while tax offsets directly reduce the amount of tax payable. The tax-free schedule is due to stay at $18,200 until at least 2024–25. ![]() For Australian residents the tax-free threshold is currently $18,200, meaning the first $18,200 of your income is tax free, but you are taxed progressively on income above that amount. The tax-free threshold refers to how much you can earn in financial year before you are liable to pay tax. Note that this does not include offsets such as LITO, or the Medicare levy.
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