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Income Tax

Income tax is levied on taxable income. Taxable income is calculated as [assessable income] less [any allowable deductions]. Deductions include wages, cost of stock, rent, bad debts, and previous year losses.

Individual

Resident Tax Rates 2013-14

The following rates for 2013-14 apply from 1 July 2013.

Taxable income

      Tax on this income

0 - $18,200

       $0

$18,201 - $37,000

       19c for each $1 over $18,200

$37,001 - $80,000

       $3,572 plus 32.5c for each  $1 over $37,000

$80,001 - $180,000

       $17,547 plus 37c for each  $1 over $80,000

$180,001 and over

       $54,547 plus 45c for each $1 over $180,000

NOTE: Resident tax rates do not include the Medicare levy of 1.5%.  

For further information, see the Guide to Medicare Levy

 

Non Resident Tax Rates 2013-14

The following rates for 2013-14 apply from 1 July 2013.

Taxable income

      Tax on this income

0 - $80,000

       32.5c for each $1

$80,001 - $180,000

       $26,000 plus 37c for each $1 over $80,000

$180,001 and over

       $63,000 plus 45c for each $1 over $180,000

Note:  Non residents are not required to pay the Medicare levy.

For further information, see Individual Income Tax Rates

Sole Trader

Sole traders are not required to complete a separate return for their business. They use their personal income tax return to report their business income and deductions.

Partnership

Partnerships complete a Partnership Tax Return to show the partnership's income earned and deductions claimed for expenses during the course of the business and how the profit or loss was shared among the partners. Each partner pays tax on their share of the partnership's income so they must include their individual share of the net partnership profit or loss in their personal tax return.  

Company

A company is a distinct legal entity with its own income tax liability therefore a company tax return must be completed for each company. A company's income tax is calculated as a percentage of the taxable income the company earned during the financial year. The company tax rate is 30%.