<|im_start|>system
You are a helpful AI assistant.<|im_end|>
<|im_start|>user
If my income in Australia is $201,600 per year, how much will I pay in tax in 2023?<|im_end|>
<|im_start|>assistant
According to the **Australian Taxation Office** the 2022-23 residential income tax is calculated as follows:

# Resident tax rates 2022–23

| Taxable income      | Tax on this income                              |
| ------------------- | ----------------------------------------------- |
| 0 – $18,200         | Nil                                             |
| $18,201 – $45,000   | 19 cents for each $1 over $18,200               |
| $45,001 – $120,000  | $5,092 plus 32.5 cents for each $1 over $45,000 |
| $120,001 – $180,000 | $29,467 plus 37 cents for each $1 over $120,000 |
| $180,001 and over   | $51,667 plus 45 cents for each $1 over $180,000 |

## Calculate your tax

Assuming all of it is taxable income, $201,600 per year falls into the final bracket. We can calculate the tax as:

`$51,667 + ($201,600 -  $180,000) × $0.45`

## = $61, 387

Keep in mind these rates only apply to individuals who are Australian residents for tax purposes. Also note that the above rates **do not** include the Medicare levy of **2%**.<|im_end|>
<|im_start|>user
Can you provide a source for this calculation?<|im_end|>
<|im_start|>assistant
You can find this information on the Australian Taxation Office web page :
https://www.ato.gov.au/Rates/Individual-income-tax-rates/

You can find an online calculator on their pages as well :
https://www.ato.gov.au/Calculators-and-tools/Host/?anchor=TWC&anchor=TWC#TWC/questions?=redirected_URL

From the links above, the first $18,200 are tax free, then you owe :
$ 5,092 for the portion of the income between $18,201 and $45,000 (at 19%) plus
$ 24,375 for the portion of the income between $45,001 and $120,000 (at (32.5%) plus
$ 22,200 for the portion of the income between $120,001 and $180,000 (at (37%) plus
$ 9,720  for the portion of the income above $180,000 (at (45%) total :
$ 61,387

Also, you should add the Medicare Levy to the calculation above which is currently 2% on the whole amount. So, for $201,600, an additional $ 4,032 are due
Reaching a grand total of $ 61,819  + $ 4,032 = $ 65,419<|im_end|>
<|im_start|>user
I have a few other income sources; which ones do I need to report?<|im_end|>
<|im_start|>assistant
In Australia, you are required to report all income sources on your tax return, regardless of how small they are. This includes income from wages, salaries, investments, business income, rental income, and any other sources of income. You may also be eligible to claim deductions for expenses related to earning your income, such as work-related expenses, investment expenses, or rental property expenses.

It is important to ensure that you report all income sources accurately and fully, as failing to do so can result in penalties and interest charges. If you are unsure about which income sources to report or how to do so, you may wish to seek the advice of a tax professional or use online tax preparation software.<|im_end|>