Explained: How does tax work in Australia (video)?

Explained: How does tax work in Australia (video)?

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DISCLAIMER: This video contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.

[jessbrown]

me watching this bc school doesn’t teach us this

[itrthho]

I'm not even an Australian, but found this informative...

[AussieMoneyMan]

Great video and nice animations. Good to see other makers of Australian tax videos.

[shaungrace]

Maybe a better tax system is possible. One where the business owner simply pays one cheque to the gov per week based on how many accumulated hours were worked by everyone in the business


There are say 10million workers in Australia
10m*$20 per hour is: 2000hrs worked per year * ($20 * 10, 000, 000) = 400billion per year


Each business must draw boundaries to who is employed or not. Then internally everyone works out how much time tax per person each pays.


The majority of workers pay half the tax, and management, who are on higher wages pay the other half tax. $10 & $10 in this case. Management could pay $15 per hour while the general workforce pays $5 per hour
Gov wins, eveyone wins. And you can see that @ $20 per hour tax for everyone. We must be getting ripped off somehow as that's 400billion on only $20per hour give or take a few numbers. $20 per unit hr per person working is conservative figure obviously


What do you


With operational computerised systems nowadays everyone's hrs can be traced effectively

[prettythang]

Chile so ur telling me u give half of ur salary to the Government? Ik where tax money goes back into the community like Police and stuff but HALF OF MY FUTURE SALARY IS GOING TO BE TAKEN AWAY WTF.

[conbratis]

We pay taxes to fund our 900 billion $ debt to china.
Our taxes are interest we pay to china.
You give 30% of your income directly to the ccp.

[chriswillow]

So only the poor pay GST in Australia !

[hahahaha-quuv]

I worked for NX Blue on the Snowy Hydro, like many, and their accounts department fudged the books, and all us workers were made to pay extra tax. Mine is $1600, and I've heard of others having to pay $6000+ back. So why are we as employees penalised and not the companies that have so called professionals accountants working in that field.Why is the Blue collar always getting and if you're wondering how the Snowy job is going?? It's the biggest construction fk up in Australian history, and you, the taxpayer, will be paying it off