💰Get $20 FREE if you sign up to Ubank with my code & make 3 (tiny) purchases: www.ubank.com.au/refer-a-friend-invitees Use Code: MDPYUAG Ubank Review Video: kzread.info/dash/bejne/dpecm7uvocK0fNI.html

@asionline

6 ай бұрын

I think you missed super annuation calculation in this video, since it is not take home entirely.

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

@BryanInvest

5 ай бұрын

Yeah, I agree Ian. Its such a shame they teach you how to calculate the circumference of a circle but not how to open a high interest savings account, how to fill in your tax return, or how to use a credit card responsibly.

@wesleydavesh705

Ай бұрын

Hi, I recently came to Australia (February) and i got into a job as casual worker. My these 5 months gross payment for the YTD is $16660 and Tax(PAYG) for YTD is $4760. How much I can get it as Tax Return? Please guide me. Thanks

@Tas_7215

21 күн бұрын

​@@wesleydavesh705 You made $16660 which means you dont have to pay any tax, your withheld tax(PAYG) was $4760, so your tax refund is $4760 because you dont need to pay any tax under $18200

THREE...some 🤣. Excellent brother.

Big thanks for all the info ❤

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

@BryanInvest

8 ай бұрын

No problem Erin! Welcome to Australia. Hope you are enjoying your stay 🦘

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

@BryanInvest

6 ай бұрын

No worries champ! All the best ✊

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

@BryanInvest

Жыл бұрын

Cheers Marc. Thanks for watching!

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

@BryanInvest

11 ай бұрын

Hello! Glad this video helped you out 😊

Simple explanation makes it easy to understand. Thank you❤

@BryanInvest

11 ай бұрын

Thank you for that. I really appreciate it ☺️

Tree! Thank you for another great video Bryan. You explained things so well as per usual

@BryanInvest

3 ай бұрын

Appreciate your continued support Frank!

Tree! Excellent presentation mate! Cheers!

@BryanInvest

Жыл бұрын

Thank you! 🌳

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

@BryanInvest

5 ай бұрын

Awesome! Glad it helped. Hope you ace your exam! 👍

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

@BryanInvest

Жыл бұрын

Thanks a lot my dude! I appreciate the support ✊

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

@BryanInvest

8 ай бұрын

No problem! Thanks for watching 😄

Treetastic! Quick and clear summay, thank you!

@BryanInvest

3 ай бұрын

Thanks for watching! 🌳

Tree, this is awesome work.. much appreciated.....

@BryanInvest

2 ай бұрын

Thanks for the nice comment! 😄

Thank you. This is a good explanation.

@BryanInvest

6 ай бұрын

Thanks Alan! I appreciate it.

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.

@BryanInvest

Ай бұрын

Haha, love that last sentence. Wish you all the best, brother!

tree! genuinely have never been able to understand this stuff, tysm

@BryanInvest

2 ай бұрын

Great to hear it was helpful! Good luck 😉

Thank you Bryan I learnt a lot

@BryanInvest

Жыл бұрын

That's great! Thanks for watching.

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

@BryanInvest

6 ай бұрын

Thank you, Susan ☺️ makes me happy that someone likes my talking speed!

Tree! Very well explained Bryan. Thanks a lot.

@BryanInvest

7 ай бұрын

Thank you! Glad it helped 😉

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

@BryanInvest

3 ай бұрын

It takes 20-30 years to grow a tree. Same can be said about our wealth 😎🌴

Would anyone else recommend another channel to further my knowledge on money? I have watched all of Bryan’s videos and wanting to further study, thanks guys❤️

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

@BryanInvest

Жыл бұрын

Haha, I try. Thanks for watching! 🙏

Interested !!

Great video, nice trees 🌳

@BryanInvest

Жыл бұрын

Thanks mate. Much appreciated 🌴

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

@BryanInvest

10 ай бұрын

Haha yeah, I guess I’ll have to do another video when the new tax brackets apply next year 😄

people say i talk fast but u talk faster that i have to keep rewinding to understand :-) in places where i could not catch soon

@BryanInvest

4 ай бұрын

Haha fair enough. I'm trying really hard to slow it down in future videos!

Great info

@BryanInvest

4 ай бұрын

Thank you!

Thank you

@BryanInvest

Жыл бұрын

❤️

This video is excellent! I just need to slow down the playback speed though haha...

Tree, thanks for the vid.

@BryanInvest

2 ай бұрын

💚

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

@BryanInvest

5 ай бұрын

Awesome! Glad it helped bro 👊

@rodrigo.gibson

5 ай бұрын

@@BryanInvest u should do a new one with the stage3 taxes for 2024 and beyond

@BryanInvest

5 ай бұрын

@@rodrigo.gibson Yeah definitely. It's on my list! Cheers bro 👊

good job brian

@BryanInvest

Ай бұрын

Thanks!

Good info Bryan. Tree 🌴

@BryanInvest

Жыл бұрын

Thanks John 👊

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.

@BryanInvest

5 ай бұрын

Haha cheers Dave. I love my broccoli 🥦

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

@BryanInvest

Жыл бұрын

Thank you mate! I appreciate that. Welcome to Australia. I hope you enjoy your stay here 🇦🇺💙

Your videos are awesome 👏🏽 I

@BryanInvest

Жыл бұрын

I appreciate that! Thank you 💛

@UncleBeeko

Жыл бұрын

No problem mate, would you have any other channels to recommend with content like yours surrounding Australian money etc? I have watched all of your videos and am looking for anything, (doesn’t have to be KZread)

yes brian

TREE!!!!! Thank you !!!

@BryanInvest

4 ай бұрын

You’re welcome, Hayley. Thanks for the support! 👍

Finally now i understand the tax and tax brackets

@BryanInvest

11 ай бұрын

Glad it helped mate 👍

@craptobotfanboy4958

9 ай бұрын

yes... the grubberment is corrupt as fk... and steal our money becuase they are useless as fk at creating soverign wealth, they have to steal our money first, then line theirs and their buddies pockets, then waste it all on useless projects that are ALWAYS blown way over budget Tree🌲

thankyou..can you make video on us options tax ..should we pay it differently or webull does it for us??

Brian great tutorial! How do you calculate income from a second job or buisness? My case i work full time and drive UBER for about 10hrs a week.

Great video and awwsome visuals to go with it. As you have a young child, I'd like to to know your thoughts on starting an investing account for them to give them a head start. I have looked into microinvesting and trust accounts. Could make a good video idea

@BryanInvest

Жыл бұрын

Thank you! Well, you could open an account for your child and have your name as the Trustee. The balance can be transferred over when they turn 18. I'll definitely make a video about it in the future!

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?

Tree. Great video

@BryanInvest

2 ай бұрын

Thanks!

TREErific video 🌲 does it matter what type of health insurance you get to avoid the medicare levy?

@BryanInvest

Жыл бұрын

Haha love it. You’ll need one that has hospital cover. Check with the provider to ensure it qualifies first before signing up.

Lovely

@BryanInvest

7 ай бұрын

😊

Good day bryan can you make a video how the company deduct the tax of your weekly salary.

@BryanInvest

8 ай бұрын

Good idea. I'll put it on my video idea list. Thanks 😊

Thank you for the information. Just a question, if a person works more than one job, how does the calculator work? Does the taxable income of all sources get combined to calculate the tax or does each income stream get the tax calculation on its own?

@BryanInvest

Жыл бұрын

Hi Junqing, your taxable income will be combined for both job. So it doesn't matter if you earn 100K in one job or 50K each in 2 jobs. You will essentially pay the same tax overall. A common misconception is that you pay more tax on a second job. However, that is because you usually get 18.2K tax free in job 1 so your tax seems higher in job 2. Hope this makes sense.

Hey Brian, love your videos! Are you a practising accountant? If so, could we book you in?

@BryanInvest

Жыл бұрын

Thanks Jemma! I am an accountant but I'm not available for booking sorry 🙂

Hi Bryan, thanks so much for the video. Can you ease make a video explaining PAYG for small businesses, I never use to get a quarterly income tax bill but now I do. We earn about $40-50,000 a month but about 40 of that goes back to the business each month. Is the reason why we are getting PAYG taxable income each quater because we don't get one at the end of the year? How do they work out our tax income for the quater? Would appreciate the help. Me and my partner don't understand what's going on.

@BryanInvest

9 ай бұрын

Hello! I believe you can adjust how much PAYG tax is charged per quarter. At the end of the day, the ATO are pretty good at charging you exactly how much you have to pay for the year. It comes down to if you would like to evenly spread your tax per quarter or get one giant hit during tax time. So if you prefer to pay a larger chunk at the end of the year then you can request it. Check out this article: business.gov.au/finance/taxation/pay-as-you-go-payg-instalments Good luck with the business! I'll put this video idea on the list 😊

tree thank you

@BryanInvest

10 ай бұрын

😃

Hello! Thank you so much for this video. I have a question. I am sorry as it may sound dumb but do we have to pay taxes for the money we receive for overtime as well?

@BryanInvest

5 ай бұрын

Hi, no dumb questions here 😊 Yes, overtime is still considered income so it will be added to your total taxable income in your tax return.

@TrusfratedSam

5 ай бұрын

@@BryanInvest Thank you so much for the information. I truly appreciate it. 🙏

Is it counted in every financial year?

This is my first tax return in Australia, do I get all in return for the first year?

Tree! Can you do a video on tax bracket creep?

@BryanInvest

10 ай бұрын

Interesting topic. I shall put it on the list for future ideas. Thanks!

@scott-wright

10 ай бұрын

@@BryanInvest thanks! After a recent pay rise, procurement said I’m now a “victim” of tax bracket creep and might want to salary sacrifice further. I don’t really understand the concept of tax bracket creep.

@BryanInvest

10 ай бұрын

@@scott-wright basically means your higher salary is pushing you into a higher tax bracket. But the misconception is that you will have to pay the higher tax rate on ALL your salary. However, it's not true. As per the tax brackets, you are only charged the higher rate on the portion of your income that went over the threshold. Although, salary sacrifice is a great way to save further tax. Check out this video: kzread.info/dash/bejne/a5h_0NCkZc3WhrQ.html

Hey Bryan What about the tax which get deducted from our employer? Lets say, I make 100k a year, my tax is around 22k, but I have already paid 14k as per my payslips throughout the year. So I just need to pay the remaining 8k at the end of financial year right? Love your content mate! Thanks Raghav

@BryanInvest

5 ай бұрын

Hey Raghav, yes that's correct. The 14K is your Pay As You Go (PAYG) instalments that are charged through out the year so that you don't end up paying the entire 22K in one go at financial year end. Also, don't forget to include the medicare levy to your tax calculation (it will automatically be applied in your tax return).

You might want to clarify that in some circumstances with HECS/HELP increases in pay can decrease take home pay at a certain level.

@BryanInvest

11 ай бұрын

Thanks mate. Great point! Unfortunately, I have to try fit everything into a 10-15 minutes format so cannot mention every single variable.

How is rental income tax calculated? Say you make $200k and $20k rental income, do u get taxed on rental income at the highest tax bracket?

Hi Bryan, can you please make one video about GST. Many of my friends UBER driver or Amazon driver . We are confused about how the income tAX work if someone futile job is on TFN & part time job is on ABN. If possible make a small video. It help us lot . Thanks in advance

@BryanInvest

Жыл бұрын

That's a great idea. I'll put it on the list mate. Thank you.

Hi, I recently came to Australia (February) and i got into a job as casual worker. My these 5 months gross payment for the YTD is $16600 and Tax(PAYG) for YTD is $4760. How much I can get it as Tax Return? Please guide me. Thanks

How would you calculate additonal income like interest savings into tax then?

@BryanInvest

5 ай бұрын

Do you mean interest you receive from a savings account? It will be added to your total taxable income along with your salary etc. You will pay your marginal rate on it. Your bank will usually have a year end summary of total interest earns for the year and you just add it in as additional income in your tax return.

Do u know how they arrive at 26500 and the rest of the tax figures?

Is it the same tax table charges whether you are an Employee or a small one man business . An ABN ?

@BryanInvest

2 ай бұрын

I believe it is if you are registered as a sole trader.

Thanks for the info! Quick question though, what happens if I have two jobs? How does the tax work for this, and which job should have the "tax free threshold" box checked on the application form? I'm about to end up with a full time and part time job and not sure what I'm supposed to do to make sure it's right, thank you! TREE.

@BryanInvest

2 ай бұрын

Your total income from both jobs will be combined and taxed accordingly as per the brackets. Your tax free threshold is usually claimed from the job that pays more. If you’re unsure which job you have nominated, you can check with your payroll or admin officer. Good luck!

@Guitar4life99

2 ай бұрын

@@BryanInvest Thank you! I will swap that over with my part time job when I'm on the books at the new full time job

Hi Bryan, For those who fall under 18000 tax bracket and some of their tax was withheld by employer, and it says no tax to be paid by individuals under those bracket. Do they gonna get all those tax withheld back after lodging? or how is it gonna work regarding getting that tax return.

@BryanInvest

17 күн бұрын

It should be refunded to you when you do your tax return.

What’s the cut off date to do tax return? Is it better to see an agent? (Tree)

@BryanInvest

Жыл бұрын

Cut off is 31 October. If you use a professional tax agent, you have up until May.

How complicated is for Canadian expats ?

@BryanInvest

Ай бұрын

I believe Australia has a tax treaty with Canada so you won't be double taxed. If you're an Australian resident for purposes while living here then the same rules will apply.

Source 2024

hi what if someone work full time in Australia as a teacher and part time provide graphic design services in online market places like fiverr, upwork etc.?

@BryanInvest

7 ай бұрын

Yeah, you need to pay tax on both your full time and part time job. Australia is quite strict with their taxes.

Tree ❤

@BryanInvest

11 ай бұрын

🌳

🌳

@BryanInvest

Жыл бұрын

🌴

This applies on everyone ??? What about who's not Australian resident??

@BryanInvest

Ай бұрын

If you're not an Australian resident, you will be charged the foreign resident tax rate which is a bit higher: www.ato.gov.au/tax-rates-and-codes/tax-rates-foreign-residents

It would be great to get a summary on a retired persons tax obligation if say he invested in stocks and traded them a number of times during the tax year and and drove a, say, AUD $100,000 + $100,000 International stocks = AUD $200,000 and sold all in one time and received AUD $270,000 in total netting AUD $70,000 in one tax year. Then what happens if he didn't sell any nor did he receive any dividends etc . . .

@TryABaconSlice

Жыл бұрын

Profits are treated as income and taxed as such, so you net 70 grand (capital gains) you pay the normal marginal tax rate on a 70,000 income, if held for more than a year you receive a 50% discount so you would apply the marginal tax rate equivalent to a $35,000 income. Profits from international equities are treated differently depending on the specific country and the tax treaties and conditions for Australians I think

@TryABaconSlice

Жыл бұрын

And if you didn't sell any or receive dividends you made no 'income' for the FY therefore have no tax obligation

@BryanInvest

Жыл бұрын

@@TryABaconSlice Hey mate, yes you are right. There are right. 1. You will be taxed on your capital gains based on your marginal tax rate. You will receive a 50% CGT discount if you sell after 12 months. You can also offset your capital gains with any capital losses. However. you cannot use capital loss to reduce your taxable income. 2. You will be taxed on dividends even if you auto reinvest them. If your shares don't pay dividends then you don't pay any tax for just holding them.

@VP-ud8we

11 ай бұрын

@@BryanInvestI thought that companies that pay dividends already paid tax on them, so if I received $2k in dividends and reinvested them ->> that $2k is added to my taxable income?

Tree 🌳👍🏻

@BryanInvest

Жыл бұрын

🌴✊

I am 67 and rely on account base income stream for living as I also have rental income so I must do my tax return in which I must declare my income stream payment but my payment is not assessable income with no PAYG issued by my super fund may I ask how I fill up my tax return? Thanks for your attention and assistance.

@BryanInvest

Жыл бұрын

Hey mate, I would definitely go see a tax accountant for your situation. Sorry, there I don't want to make a guess and give you the wrong info.

Tbx so much TREE

@BryanInvest

9 ай бұрын

💙

tree!!

@BryanInvest

9 ай бұрын

😊

Thats alot of Tax😢

TREE

@BryanInvest

Жыл бұрын

💙

tree!

@BryanInvest

Жыл бұрын

🌲

is Australia has tax on youtube earnings ?

@BryanInvest

7 ай бұрын

Yes it does. Basically Australia will tax you for all forms of income including KZread Adsense.

Tree

project manager $220k per year, 2023 he just gets laid off and now earns nothing. but nice hypothetical.

@BryanInvest

11 ай бұрын

😅

@r4z0r84

11 ай бұрын

@@BryanInvest it's a sad truth, I know the government has laid off sooo many senior project managers and hired far less novice ones to replace them. They were amazing project managers as well, now all projects are run by kids fresh out of uni with no experience. Must admit I've been binge watching your videos, great to see someone so positive about Aussie finance

@BryanInvest

11 ай бұрын

@@r4z0r84 that really sucks. Something is seriously wrong if are hiring inexperienced people for senior positions! Thanks for the kind words mate. Many more Aussie videos to come!

Good morning just watch your video on the Australian tax laws. And can I say excellent description. But your speaking far too fast. Would appreciate if you can slow it down a little so i can fully grasp and understand you. Also your video has disappeared. Thank you again

@BryanInvest

8 ай бұрын

Thanks Gerald. Yeah, I speak quite fast naturally. I actually speak faster in real life haha. But I've been trying hard to slow down for the camera.

@johniseppi643

8 ай бұрын

While playing any video, click the Cog symbol at the top right. There you can alter the playing speed. I use 0.75x for Bryan’s videos… Hope that helps.

@michaelstefanidis4826

7 ай бұрын

Thanks for the great tip, I played at 1.5x and can still understand you Brian. Love your channel and content, has helped me enormously.

@BryanInvest

7 ай бұрын

@@michaelstefanidis4826 Haha thank you Michael. This honestly made my day that someone can still understand me at 1.5x speed let alone normal speed! 😄

@SMG043

7 ай бұрын

I like your energetic pacing, it contributes to a positive vibe. I'm glad you are not one of the litany of slow speaking KZreadrs

45 - 120k in one bracket is such a bullshit.

@BryanInvest

11 ай бұрын

Yeah I tend to agree. Doesn’t really help low income earners.

Treee

@BryanInvest

3 ай бұрын

💚

But why am I paying 31k tax for my 89k income??

@BryanInvest

11 ай бұрын

For 89k, you should only be paying 19.4k (Income tax) + 1.8k (Medicare levy).

@mikediao15

11 ай бұрын

@@BryanInvest I don’t understand why I’m paying medical Levy when I’m currently paying for private insurance. My tax guy has yet to answer these questions. He keeps blapping and dances around it.

@BryanInvest

11 ай бұрын

@@mikediao15 majority of people in Australia have to pay the 2% medicare levy even if you have health insurance. However, there is something called the medicare levy SURCHARGE which taxes an additional 1% to high income earners. If you earn over 93K, you will be charged this surcharge. To avoid this, you can take out an appropriate level of hospital cover (health insurance). So yeah, if you can escape the medicare levy surcharge but not the medicare levy. Hope this makes sense.

@johniseppi643

8 ай бұрын

@@mikediao15If you have an accident or have a critical health event, you will probably be taken straight to Emergency at a public hospital. You will pay nothing for treatment there as you have paid for Medicare in your tax.

Can you slow it down 😅

@BryanInvest

11 ай бұрын

Working on it! 😅

Tree. From Liam n

@BryanInvest

4 ай бұрын

💙

Trees

@BryanInvest

9 ай бұрын

💛

treee

@BryanInvest

Жыл бұрын

🌲

tree

Conclusion: people pay a lot 😅

@BryanInvest

Ай бұрын

The price we pay for living in a great country 🇦🇺

Tree. Also wtf is the point in earning so much when you just pay a large chunk in tax and private health ect. You are better off being poor and investing in gold

@BryanInvest

3 ай бұрын

Haha at least the tax are in brackets so you won’t be taxed on the full amount. It’s the price of living in a great country like Australia 🇦🇺

Stop saying “dollars”

@BryanInvest

Ай бұрын

Doll.....🍑

Thanks bud for keepin us financially Educated! Regardless of how Bad it gets on the economy, I still make over $22,000 every single week.

@ibrahimkasim6276

Жыл бұрын

That's awesome!!! I know nothing about investment and I'm keen on getting started. what are your strategies?

@Jody8337

Жыл бұрын

As a beginner investor, it's essential for you to have a mentor to keep you accountable 🤷. Myself I'm guided by Mrs Gillian Sara sheeran, a widely known crypto consultant 💪

@Tonyforeman659

Жыл бұрын

I'm also a new subscriber of Mrs Gillian Sara sheeran, coaching program and I'm so excited took a positive turn by earning over $10k biweekly

@Rick.4890

Жыл бұрын

Mrs Gillian Sara sheeran has aided so many newbies. I made over $74k with some amazing gains in the market, her pattern are very lucrative

@waynedrake1519

Жыл бұрын

No doubts! The strategies and Al auto trading tools she provides for Beginners are very helpful, being part of her vip signal channel has really helped me as a stock holder..

Why "tax the rich" is a stupid saying.

@BryanInvest

5 ай бұрын

Agreed!

@chantelleflynn9984

3 ай бұрын

It's " eat the rich"