123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Legal >> View Article

Introduction To Australia’s Tax System

Profile Picture
By Author: Lester Ong
Total Articles: 18
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Australia’s taxation is a blend of indirect and direct taxes imposed by both State governments and the Commonwealth. It depends upon the kind of tax and if you want a comprehensive knowledge about the taxation in Australia, consult a tax lawyer Perth for deep insight.

Administration of Australia’s Taxation System


The taxpayers are responsible for submitting their tax return on the basis of self-assessment.

Pay-as-you-go (PAYG)

It is the amount withheld by employers from the wage or salary of the employees.

Withholding Taxes

It is applicable on a number of payments and it depends upon the payer not the receiver of the amount.

Australian Business Numbers and Tax File Numbers

ABN is used in the dealings of ATO with businesses. It is necessary to have an ABN for a business if it has to register for GST. TFN is also a similar tool used by organisations and individuals.

Commonwealth Taxes

The Commonwealth can impose taxes on the taxpayers of Australia as it is the federal or national level government of Australia.

Taxes on income

The income which is taxable includes the sources like wages, salary, interest, profit on business as well as dividends.

Jurisdiction to Tax

The Australian resident taxpayers are bound to pay tax on the income gained by worldwide sources. Non-resident taxpayers have to pay tax on income gained from Australia.

Taxation of Individuals and Business Entities on Income and Capital Gains

Australia has progressive taxation. The payable tax increases with the rise in taxable income in the case of individuals. However, companies are taxed at a flat 30% amount of profit and don’t concern the company’s total income. Contact a tax litigation attorney Perth for further information.

Taxes on Capital Gains (Capital Gains Tax (CGT)

CGT has to be paid on profit gained by the sale of the property. It also has special rules which are applicable to capital gains values.

Consumption Taxes – the Goods and Services Tax (GST)

GST is a comprehensive tax levied on the sale of products in Australia and the imported products. It is imposed at a flat 10% rate.

Other Taxes and Levies

Fringe Benefits Tax (FBT)

It is levied at the worth of benefits other than cash given to the employees by the employers.

Transfer Pricing

An appropriate level of taxation is applied whenever something or service is sold or bought between other countries and Australia.

Customs Duty

It is levied on all the products that are imported in Australia. It has a rate of around 5% of the product value.

A taxation lawyer Perth can guide you further about the taxation system.

The author of this article is a top tax lawyer Perth who helps with a wide range of tax compliance and assessment issues. Visit https://www.munrodoig.com.au/ for more details.

More About the Author

Founded in 2002, by its directors Colin Munro and Ron Doig, Munro Doig Lawyers is a leading law firm based in Perth, Western Australia. We have extensive experience in the areas of tax, superannuation, succession, intergenerational wealth transfer, estate planning and commercial law. Our clients include high-net worth individuals and small-medium enterprises. We are also leaders in migration law (assisting clients with visa applications through to appeals and solving complex and difficult migration problems). Munro Doig Lawyers is committed to providing first-class assistance, trustworthy advice and strategic solutions. We maintain long-standing relationships with our clients; we think outside the box and provide leading-edge solutions. We look forward to helping you. Call us on 08 9426 6222 or visit http://www.munrodoig.com.au to find out more!

Total Views: 47Word Count: 449See All articles From Author

Add Comment

Legal Articles

1. Arrested During The Holidays: Options For Using Bail Bonds
Author: All out bail bonds

2. 10 Things That You Should Do After You Have Been Involved In A Road Accident
Author: Chris Lucero

3. Delisi Friday – Analyzing Your Marketing Strategies For The Year
Author: Michael Cowen and Delisi Friday

4. The Ins And Outs Of Filing A Workers Compensation Claim
Author: Jassika Rose

5. Top Legal Firms In Delhi
Author: Priyanka Mehta

6. Three Distraction Categories That You Are Likely To Experience When Driving
Author: Chris Lucero

7. How Does A Private Placement Memorandum May Look Like?
Author: securitieslegal

8. New Cdc Director To Target Opioids
Author: Devin Herz

9. Genentech, Roche Holding Accused Of Misrepresenting Amount Of Drug In Vial
Author: Devin Herz

10. Tim Whiting – The Journey Of A Trial Lawyer With Perseverance
Author: Michael Cowen and Tim Whiting

11. Essential Questions To Ask Before Hiring An Appraiser For A Condemnation Case
Author: MR Valuation Consulting

12. Legal Advice For Entrepreneurs
Author: securitieslegal

13. Study Finds Even Amid Cdc Warnings, Teens Are Still Vaping In Record Numbers
Author: Hendy Johnson

14. Fetch Top Legal Advice For Divorce, Family Matters, Estate And Personal Injury
Author: Magner & Hueneke

15. How Free Legal Document Creator Works?
Author: Naseem

Login To Account
Login Email:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: