Finances of the British royal family are not subject to legislation concerning income tax, capital gains tax or inheritance tax. Furthermore, the Sovereign has no legal liability to pay such taxes. The Duchy of Cornwall has a Crown exemption and the Prince of Wales is not legally liable to pay income tax on Duchy revenues. A "Memorandum of Understanding on Royal Taxation" was published on 5 February 1993 and amended in 1996, 2009 and 2013. It is intended that the arrangements in the memorandum will be followed by the next monarch. The memorandum describes the arrangements by which The Queen and The Prince of Wales make
Income tax in Australia rates, but is calculated automatically by the ATO when a tax return is lodged. Individuals under 18 years of age are taxed differently from adults. This rate does not apply to "excepted" income, which includes employment income and inheritances. Financial year 2018-19 The Medicare levy does not apply to non-residents, and a non-resident is not entitled to the low income tax offset. For prior tax years, see . Income tax on wages is collected by means of a withholding tax system known as Pay-as-you-go (PAYG). For employees with only a single job, the level of taxation at the end of