Income tax in Australia

The government has finalized the new rules regarding the submission of tax returns to apply as of 2025, according to the final version of the tax bill currently being debated in Parliament.

The Ministry of Finance aims to address the growing housing problem by offering a dual incentive to taxpayers: a subsidy for the renovation of vacant properties and tax-free rental income. The “Renovate – Rent” program provides a subsidy of up to €8,100 for renovation expenses, while the income from the rental remains tax-free for three years.

Let’s see an example:

The tax authorities will next year process the declarations of 1.4 million taxpayers by early April at the latest, in order for taxpayers not to miss the maximum deduction in the case of a one-off payment of the tax.

The announcements include measures beyond those introduced by the Prime Minister a month ago. Minister Kostis Hatzidakis discussed four major changes:

The Four Changes:

The government is planning incentives for taxpayers who are consistent in their tax obligations and those who have included their arrears in debt settlement and repay them without delay. These bonuses are expected to be activated from 2025.

First introduction for the income tax returns to be issued without taxpayers having filed their tax returns!

As the clock ticks down to midnight tonight, Bulgarians are reminded that April 30th marks the final day for filing their 2023 personal income tax returns. For those utilizing electronic services, the deadline is midnight, while those opting for paper submissions at revenue agency offices must do so by 5:30 pm.

With two weeks to go before the final extended deadline to submit income tax forms - noon on Thursday, August 31 - 5,945,364 of the about 6.5 million taxpayers, or slightly over 9 out of 10 (91.5%) have submitted their declarations so far, the Independent Public Revenue Authority (AADE) says. 

Greece has extremely few rich people - if the official declarations of income and property are anything to go by.

The numbers from the tax declarations highlight several Greek "peculiarities": On paper, Greece has hardly got any rich individuals. Only 27,000 taxpayers declare an individual income of more than 100,000 euros, while four out of 10 appear to live on €5,000 a year.