what is the tax free threshold

The tax-free threshold is the income level at which a person begins paying income taxes. It varies by country and is subject to change. For example, in the United States, the tax-free threshold depends on the filing status and age of the taxpayer, with different thresholds for single filers and heads of household. In Australia, the tax-free threshold is currently set at $18,200, meaning that individuals can earn up to this amount without paying income tax. Its important to note that the tax-free threshold may differ based on the specific tax laws and regulations of each country. When starting a new job, individuals are typically asked to declare whether they want to claim the tax-free threshold on their Tax File Number Declaration form.