How Australian Tax Brackets Work in 2024 | Income Tax Explained For Beginners

In this video, I’m going to explain how the Australian Income Tax system works in and how you can easily calculate how much tax you’re going to pay each year on your tax return.

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Although I have a Finance degree, I am not a financial advisor, and my comments are for entertainment purposes only. It does not take into account your objectives, financial situation or needs. Please perform your own due diligence when investing your money or seek the advice of a licensed advisor.

#australia #tax #incometax

⏰ TIMESTAMPS
0:00 - Intro
0:07 - Australian Tax Bracket
1:17 - Tax Bracket Example
2:38 - Medicare Levy & Surcharge
3:42 - Common Misconception
4:23- Calculate Income Tax
4:37 - Income Tax Example 1
5:21 - Income Tax Example 2
6:02 - Income Tax Example 3

[HeliumDownunder]

...Why is this not taught in schools... I am 58 and just learnt so much new tax information.... Awesome

[shambhuporey]

I'm new in Australia. Started following your videos for investment & now for taxation understanding purposes. Thank you. I appreciate your help ❤
I have recommended my friends to watch your channel

[YoumeandPercy]

TREE! just stumbled upon one your videos today. I'm now 3 videos in and still going. Thanks for these very informative videos.😊

[uunreaal]

tree. Im currently learning this for an exam I have coming up and this has really helped! Thanks!👍

[Bobbydazzlla]

You're off your tree brother. Thanks yet again for the explanation, It's made sense of the 2% deficit in my defined benefit payments. I did suspect that's what it would be but I'm not paying the accountant so I can do all the thinking. Cheers mate.

[UncivilisedMakayla]

Thank you Bryan, for teaching me what school couldn't!

[MRRMDD]

Tree! Excellent presentation mate! Cheers!

[dirgadirgz]

Simple explanation makes it easy to understand. Thank you❤

[erindelldevera]

Tree!!! Thanks. Keep up with this kinds of content, iys very helpful specifically to those new to Australia like me

[vincetan]

Dope setup man! Love your videos & your vibe. Big TREES

[MccourtNath]

Tree!! I watched this because I thought we had already changed into the new tax brack 45-200! Turns out that’s next year dang it

[divyeshchaudhari]

Finally now i understand the tax and tax brackets

[Dave-mlws]

I'm currently doing cert IV in accounting bookkeeping. This was very helpful. In fact, it was so helpful, I watched to the end. Broccoli looks like a tree.

[gevans]

I was waiting to see what Tree meant 😂 great video! Very informative, thank you.

[susanalex]

TREE. Well explained. Subscribed. Love yr talking pace. ❤

[becstravel]

Thank you for this video. Very helpful for the newbie’s in Australia.

[rodrigo.gibson]

LEGEND!!! Crystal clear, brutha! Cheers!!!

[Hunty]

There's been a lot of videos of people having to PAY MORE tax after doing their tax return. Can you explain what the removal of the $1, 500 low income and HECS have to do with this?

[jruss]

Tree. Thanks for the info Bryan! I had incorrect understanding on how tax was calculated. Appreciate it.

[sebiandronic]

I was a bit confused on that, thanks bro! Legend!