Digital Signature Lawfulness for Accounting and Tax in Australia

How to eSign a document: digital signature lawfulness for Accounting and Tax in Australia

foreign [Music] taxation office ATO is the principal Revenue collection agency of the Australian government having its roots since 1910. the major rule of ATO is to manage and Shop the tax and superannuation system that support and fund services for Australians ATO ensure individuals companies trusts and other entities launch their tax returns appropriately the taxation system in Australia uses a self-assessment program Australian tax system works by charging a higher tax rate if you earn a higher income I.E you will pay more tax if your taxable income is higher more taxable income equals more tax for example George had an annual taxable income of forty five thousand dollars last year and Linda earned an income of sixty thousand dollars here Linda needs to pay a higher tax since she earned more ATO has prescribed different slab rates for residents foreign residents and working holiday maker these routes apply to individuals who are Australian residents for tax purposes these roads apply to individuals who are foreign residents for tax purposes these rates apply to working holiday maker income regardless of residency for tax purposes in addition to their rates in the vehicle above Australian residents may also be liable to pay the Medicare Levy the Medicare Levy is two percent of your taxable income in addition to the tax you pay on your taxable income you may qualify for an exemption from paying any of the following three exemption categories at any time in the financial year meet certain medical requirements are a foreign resident or are not entitled to Medicare benefits to claiming exemption you will also need to apply for a Medicare entitlement statement external link mes from Services Australia it can take up to eight weeks for you to receive your mes from Services Australia for singles and families you have relatively High incomes ninety thousand dollars for singles one hundred and eighty thousand dollars for family and additional tax will apply this is called the Medicare Levy surcharge that is it's another tax on top of the Medicare Levy however the surcharge can be avoided by holding the appropriate Private health insurance for the full Financial year