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Australia Tax Summary
Taxable income in Australia includes all income that you earn, such as salary, wages, bonuses, commissions, and other forms of compensation. It also includes income from self-employment, investments, and rentals.
Deductions and exemptions
A number of deductions and exemptions are available to taxpayers, such as deductions for work-related expenses, medical expenses, and charitable donations.
Australia has a progressive income tax system, with rates ranging from 0% to 45%. Residents are taxed on their worldwide income, while non-residents are only taxed on Australian-source income.
The following table shows the Australian income tax rates for 2023-24:
|Taxable income (A$)||Tax rate (%)|
|0 – 18,200||0|
|18,201 – 45,000||19|
|45,001 – 120,000||32.5|
|120,001 – 180,000||37|
Taxpayers are required to file a tax return each year. The tax year runs from July 1 to June 30. Tax returns are due on October 31 of the following year.
In addition to income tax, there are a number of other taxes in Australia, such as goods and services tax (GST), capital gains tax (CGT), and payroll tax.
GST is a consumption tax that is applied to most goods and services sold in Australia. The standard GST rate is 10%.
CGT is a tax on the profit that you make when you sell an asset, such as a property or shares. The amount of CGT you pay depends on the type of asset you sell and how long you held it for.
Payroll tax is a tax that employers pay on the wages and salaries that they pay to their employees. The payroll tax rate varies from state to state.
Here is some additional information about the Australian tax system:
- Tax treaties: Australia has tax treaties with over 90 countries. These treaties can help to reduce the amount of tax that taxpayers have to pay.
- Transfer pricing: If a taxpayer has transactions with related parties in other countries, they may be subject to transfer pricing rules. Transfer pricing rules are designed to ensure that taxpayers do not shift profits to low-tax jurisdictions.
- Anti-avoidance rules: Australia has a number of anti-avoidance rules in place to prevent taxpayers from artificially reducing their tax liability.