New year, new chances - or maybe not?
As every year, this time perhaps even more communicated in the media, there are again many innovations/changes in taxes. Tax rates are reduced, allowances and tax credits are adjusted to inflation, new taxes come into force, the so-called "cold progression" has been abolished, some taxes and levies have been abolished. Inflation-related benefits such as the family bonus, electricity price brake and much more. It can sometimes be difficult to keep track of things. Many ask themselves the question: "Does this even affect me?"
Did you know that the state of Austria has around 90 billion euros in tax revenue per year?
Did you know that 1/3 of that, i.e. around 30 billion euros, comes from income tax?
Exactly, the income tax that employees pay monthly because your employer has to withhold and pay it from your wages/salary/pension by law.
In Austria there are around 6.5 million employees and pensioners who are subject to wage tax - i.e. on average everyone pays around EUR 4,600 in wage tax per year.
So, enough playing with numbers - tax revenue is very important and right for every state, as it is used for the benefit of everyone who lives in Austria.
We are all subject to tax law according to the statutory provisions. Depending on one's personal situation (income, family, etc.), more or fewer of these laws apply to someone. However, many of these tax-free and tax-deductible amounts must be actively applied for by means of tax equalization.
We could now give you tables and even more tables with comparisons of percentages, amounts. However, we think that you shouldn't know or be able to do everything. A tax equalization is based on three main pillars:
The annual wage slip that your employer must report to the tax office and where it says exactly how much income tax you have already paid for the year
On a few selected data that the tax office has anyway (church contributions, donations, receipt of family allowances are probably the most important
The information about you and your personal, family and professional situation that you tell the tax office with a tax equalization
All of this data and information is then used for the tax assessment/the legally valid tax assessment – so you have legal certainty that your individual situation has been assessed on the basis of all applicable tax laws. In about 95% of cases, the tax office even returns money.
RelaxTax believes you don't need to know everything about taxes, you just have to do them. With our app and our expertise and experience - simply explain taxes.
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