Australian Tax System Featured
The Australian tax system is represented by 2 levels:
- level of state (central) government;
- level of local governments.
The central government levies the following taxes: income, GST, excise taxes on tobacco, alcohol and gasoline, corporate tax, stamp, social security contributions, including compulsory health insurance. Local taxation includes commercial property tax, street parking fees, government grants, and others.
Annual tax declarations can be lodged online through online tax return system, but more often tax payers lodge their taxes through the registered tax agents who lodge tax returns online.
The main tax in the Australia is income tax. The rates on it are progressive and depend on the type of income (bank deposit, dividends, wages and other income). In general, they can reach a level of 40%. And here the Australians have one small feature. The entire population of the country is divided into residents and non-residents. Residents pay tax on all their income received in the UK and abroad. Non-residents are obliged to pay income tax on income received by them within the country.
The Australian tax system has one very interesting feature, which may seem somewhat strange to us. The tax year in the Australia does not begin on January 1, but on 1 July and ends on 30 June of the following year. Therefore, the Australian authorities, having decided that they did not want to lose part of the taxes, postponed the beginning of the tax period to 01 July. Since 1800, the first day of the tax period was approved on 1 July. This date is still valid.
Corporate tax involves the taxation of corporate profits. The country has adopted a taxation system for 2 levels. It has been operating since 2006. If the company received a profit of 10 million dollars or more, then in this case the tax rate of 30% is applied. If the income was less than 10 million dollars, then it is taxed at a rate of 27.5% for tax return online . You can still contact experts Tax Accountant Sydney , Tax Accountant North Sydney or Tax Accountant Melbourne if you live in Australia. The Australian taxation office has its own application for Android and iOS. Additionally, it's to download and use for lodging tax return Sydney , tax return North Sydney or tax return Melbourne online.