How does tax collection work around the globe? Does every country have an IRS with complicated filing?
In: Economics
In Australia, my employer uses a formula to deduct “Pay As You Go” (PAYG) payments from my paycheck, and remits the money to the ATO (Australian Tax Office).
When it’s time to do my taxes, I log on to the government website, and pretty much all the information I need to do my taxes is already there. For many people, they just read it, click “submit”, and then get their refund within a couple of weeks. (The refund is the amount they overpaid as PAYG. It’s often small, because they paid the right amount of tax already).
Or, other people need to make some slight adjustments to the numbers (eg, if they own a rental property, they need to enter that data. Or if they paid for their own work uniform, or worked from home a lot, they can claim the expenses as a deduction).
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