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How the net tax payable is assessed

Assessable income
Less allowable deductions
= taxable income
× applicable tax rate (income tax rate ACT 1986)
Less net tax payable

The tax rates vary depending on the taxpaying entity, and the current rates can be found in ATO website.  Except for companies, superannuation fund and certain trusts, which are taxed at flat rates, the tax rates are marginal tax rates. This means that the rate increases in steps depending on the amount that a person earns.

The above tips are provide by Sydney accountants.

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