For an Australian resident for tax purposes, the first $18,200 of income is tax-free. This amount is known as the tax-free threshold and applies for the 2024-25 and 2025-26 income years.
For Australian residents the tax-free threshold is currently $18,200, meaning the first $18,200 of your income is tax free, but you are taxed progressively on income above that amount. This is why Australia has what is called a progressive tax system.
This means that if you earn €20,000 or less, you do not pay any income tax (because your tax credits of €4,000 are more than or equal to the amount of tax you are due to pay). However you may need to pay a Universal Social Charge (if your income is over €13,000) and PRSI (depending on how much you earn each week).
By claiming the tax free threshold, you don't pay tax on the first $18,200 you earn during the financial year.
Technically speaking, you can give any amount of money you wish as a gift to one or more of your children or any other member of family. Some parents also choose to buy property and put it into their child's / children's name(s).
Centrelink's gifting limits (or 'gifting free areas')
Centrelink allows you to gift up to: $10,000 in one financial year. $30,000 over five financial years (with no single year exceeding $10,000).
You will not pay Income Tax on the first £12,570 you earn during the tax year. This is called your personal allowance. After that the following applies when calculated monthly: For amounts between £1,048.01 - £4,189 per month, you will pay 20% Income Tax.
Inheritances, gifts, cash rebates, alimony payments (for divorce decrees finalized after 2018), child support payments, most healthcare benefits, welfare payments, and money that is reimbursed from qualifying adoptions are deemed nontaxable by the IRS.
The first £12,570 is tax-free, and the remaining £12,430 falls into the basic tax rate of 20%, leading to a tax payment of approximately £2,486 annually. For income that exceeds £12,570, the tax rate applied is 20%, applicable to earnings ranging from £12,571 to £50,270 for the 2024/25 tax year.
Certain NRIs: If the NRIs are only generating income from dividends or interest, or if their income is subject to TDS, then they might be exempted from filing tax returns. Senior Citizens (above 75 years): Senior citizens above the age of 75 whose income consists of pension and interest can be exempt from filing ITR.
You DO NOT need to submit a tax return if:
Your total income was less than R500,000 for the year.
Yes , You can pay Zero tax on Rs 12 lakhs salary by claiming deduction and exemption like HRA exemption , 80C deduction , Standard deduction , Housing loan interest etc.
Income that is not taxable
lottery winnings and other prizes. some government grants and payments. child support. the tax-free portion of your redundancy payment.
How to avoid paying higher-rate tax
Key takeaways. The federal income tax rates for 2026, 2025 and 2024 are: 10%, 12%, 22%, 24%, 32%, 35% and 37%. In the U.S., taxpayers' income may be subject to more than one of the tax rates above, depending on how much income falls into each tax bracket.
Any year you have minimal or no income, you may be able to skip filing your tax return and the related paperwork. However, it's perfectly legal to file a tax return showing zero income, and this might be a good idea for a number of reasons.
Calculate gross salary by summing all allowances with basic pay. Deduct non-taxable portions like HRA and standard deductions (₹52,500) from gross salary. Apply tax deductions under Chapter VI A (e.g., section 80C, 80D) to determine gross taxable income.
Allowances are generally subject to payroll tax. The only allowances that are not wholly taxable are motor vehicle allowances, accommodation allowances and living away from home allowances.
Exempt income refers to earnings that are not subject to taxation under the law. This includes certain agricultural income, allowances, and specific investments.
What is the income tax relief for 2025? It encompasses a wide range of categories, including self and dependent (RM9,000), spouse (RM4,000), EPF/insurance (Max RM7,000), medical (Max RM10,000), education (Max RM7,000), and others, as detailed in the tax relief 2025 schedule.
What do I need to know about tax when I make a gift? In reality, you can gift as much as you like to your children or grandchildren, but they might have to pay an unexpected tax charge if you don't think about this when making your plans. Inheritance tax (IHT) is the main tax to consider if you're giving away cash.
You can have a significant amount in the bank and still get a full Australian Age Pension, as it depends on your total assessable assets (not just cash), living situation (homeowner/non-homeowner) and relationship status, with homeowner singles getting a full pension under the assets test with assets below approximately $321,500, while couples need under $481,500 (as of late 2025 figures), with higher limits for non-homeowners before payments reduce or stop. The pension reduces as assets increase past these thresholds, with higher cut-offs for receiving any part pension.
If the sale price is less than the market value of the property, the 'market value substitution rule' will apply, meaning the tax office will deem you to have received the market value of the asset at the time of the transfer.