Australian
Tax System
Australian
tax system is extremely complex and you
are strongly advised to employ a
professional for all your tax compliance
needs. The information below is intended
as an overview only.
The
financial year in Australia is from 1
July to 30 June. Tax is assessed each
financial year separately.
Australia
has the following categories of taxes:
-
Income
Tax (rates vary, see below)
-
Goods
and Services Tax (10%)
-
Capital
Gains Tax (rates vary)
-
Fringe
Benefits Tax (46.5%)
-
Land
Tax (varies by state)
-
Payroll
Tax (varies by state)
-
Stamp
Duty (varies by state)
-
Excise
taxes
-
Custom
duties
Income
Tax Rates
Residents
These rates apply to individuals who are
residents of Australia for tax purposes
for the whole financial year and did not
leave full-time education for the first
time during the financial year.
|
Tax rates 2006-07 |
Taxable income |
Tax on this income |
|
|
$0
– $6,000
$6,001 – $25,000
$25,001 – $75,000
$75,001 – $150,000
Over $150,000
|
Nil
15c for each $1 over $6,000
$2,850 plus 30c for each $1 over
$25,000
$17,850 plus 40c for each $1
over $75,000
$47,850 plus 45c for each $1
over $150,000
|
The above
rates do not include the Medicare levy
of 1.5%.
Non-residents
If you are a non-resident for the full
year, the following rates apply:
|
Tax rates 2006-07 |
Taxable income |
Tax on this income |
|
|
$0
– $25,000
$25,001 – $75,000
$75,001 – $150,000
Over $150,000 |
29c
for each $1
$7,250 plus 30c for each $1 over
$25,000
$22,250 plus 40c for each $1
over $75,000
$52,250 plus 45c for each $1
over $150,000
|
Non-residents are not required to pay
the Medicare levy.
Companies
Company Tax is 30c in every dollar of
taxable income (profit).
In addition to the complexity of various
taxes and rates of taxes, the rules
governing the calculation of taxable
income consist of thousands of pages of
laws, bylaws and regulations. For this
reason most Australians would employ a
professional to calculate their taxes.
For more
information, please explore our website,
or contact us.
|
