Income Tax Basics
The main tax you’ll pay is income tax, which is charged on income you receive, such as salary and wages, investment income and business income.
Usually you pay income tax during the year as you earn the income. It’s called ‘pay as you go’ (PAYG).
If you’re an employee, your payer (your employer) works out how much income tax to take out of your wages and sends it to us. This is called PAYG withholding.
If you earn income from which tax hasn’t been withheld – for example, if you’re paid as a contractor or you receive rent or interest income – we may ask you to make payments during the year direct to us. These payments are called PAYG instalments.
The amount of income tax you pay is linked to how much you earn and whether you’re an Australian resident. The more you earn, the higher your rate of tax.
Source: www.ato.gov.au
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