Personal Tax in Australia
- Tax Base For Residents and Non-Residents
- Natural persons who are tax residents in Australia are subject to tax on their worldwide income. A tax credit is generally allowed, to take into account taxes already paid abroad (if there is a bilateral tax agreement). Taxes on residents are lower than those on non-residents. The rate is progressive.
|Individual tax rate||Progressive rate|
|AUD 1 - 6,000||0|
|AUD 6,001 - 35,000||15 cts for each AUD 1 over 6000 AUD|
|AUD 35,001 - 80,000||AUD 4,350 + 30 cts for each AUD 1 over 35 000 AUD|
|AUD 80,001 - 180,000||AUD 17,850 + 38 cts for each AUD 1 over 80 000 AUD|
|AUD 180,001 and over||AUD 55,850 + 45 cts for each AUD 1 over 180 000 AUD|
|Fringe Benefit Tax, FBT||Click here for more information.|
- Allowable Deductions and Tax Credit
- Professional expenses, subscriptions to professional reviews, training, expenses related to travel (professional activities), driving expenses for professional activities, gifts and donations and expenses related to clothing for certain professions.
- Special Expatriate Tax Regime
For expatriates, it is advisable to look into questions related to tax residence and to set up tax optimization schemes especially to limit taxation on certain allowances, such as the Living Away From Home Allowance (LAFHA).
Tax exemption for income from abroad for temporary residents, which includes also capital gains, has existed in Australia since 1 July 2006.
- Capital Tax Rate
Land Tax is collected annually by each State: rates are progressive and vary according to the State.
Note that there is no inheritance tax or tax on donations in Australia.
Capital gains from any transfer of ownership of assets acquired after 19 September 1985, are generally integrated into taxable income.
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