Taxes in Australia

Posted on Posted in Customs Duty Calculator

Below are the different Categories of taxes in Australia.

  • Australian government taxes
  • State taxes
  • Local government taxes

Australian government taxes:

  • Individuals and other withholding taxes: Taxable income of individuals, including from wages, salaries, allowances, interest, dividends and rents.
  • Company taxA fee imposed by a government on personal or corporate incom... More: Taxable income of companies
  • Goods and services taxA fee imposed by a government on personal or corporate incom... More: Taxable supplies of goods and services and taxable importations of most goods
  • Excise duty: Fuel products, alcohol and tobacco
  • SuperannuationA pension, for which regular sums are deducted from a person... More funds: Contributions to and earnings of superannuationA pension, for which regular sums are deducted from a person... More funds
  • Customs duties: Various imported goods, including textiles, clothing and footwear and motor vehicles
  • Fringe benefits taxA fee imposed by a government on personal or corporate incom... More: Taxable benefits provided to employees (or their associates) in respect of their employment
  • Petroleum resource rent taxA fee imposed by a government on personal or corporate incom... More: Profits above a normal rate of returnThe amount of profit or loss generated by an investment, exp... More from extracting petroleum
  • Wine equalization taxA fee imposed by a government on personal or corporate incom... More: Wine and wine products, cider, perry, mead and sake
  • Agricultural levies: Various agricultural products
  • Luxury car taxA fee imposed by a government on personal or corporate incom... More: Vehicles with a GST‑inclusive value above the luxury car threshold
  • Other taxes: Comprised primarily of revenue from other regulatory taxes, industry levies and licence fees

State taxes:

  • Payroll taxA fee imposed by a government on personal or corporate incom... More: Employers’ payrolls, including most forms of employeeAn individual who is hired and paid by another person, compa... More benefits
  • Stamp dutyCalled Stamp Tax in the US. A stamp which must be put onto c... More on conveyances: Value of properties upon transfer
  • Motor vehicle taxes: Value of vehicles upon transfer and other fees associated with the registration of vehicles
  • Gambling taxes: Generally ‘player loss’ from various forms of gambling, including lotteries, gaming machines, casinos and racing
  • Land taxA fee imposed by a government on personal or corporate incom... More: Unimproved value of land, generally exempting principalIn finance, principal (the principal, or the principal sum/a... More places of residence and land used in agricultural production
  • Insurance taxes: Insurance premiums and insurance policies
  • Other taxes: Includes a range of other levies and financial transaction taxes

Local government taxes:

  • Municipal rates: Value of properties. Rates vary by jurisdiction and type of land. In some jurisdictions, local government taxA fee imposed by a government on personal or corporate incom... More revenue may also include other taxes on immovable property.

Other taxes are:

  • Capital gains taxTax payable on profits made on the sale of certain types of ... More: This type of taxA fee imposed by a government on personal or corporate incom... More is accounted for within the income taxA tax paid by individuals to the government, the amount of w... More return itself and you do not have to file a separate return for capital gains taxTax payable on profits made on the sale of certain types of ... More. This type of taxA fee imposed by a government on personal or corporate incom... More has to be paid only if you have benefitted from capitalThe net worth of a business, including assets, cash, propert... More gains in any particular year. Hence, if you have sold off any business assetsAnything of value which is owned by an individual, company, ... More such as property, plant and machinery, or stocks and have made a profit from such a sale, then that profit is known as capitalThe net worth of a business, including assets, cash, propert... More gains and may be liable for capital gains taxTax payable on profits made on the sale of certain types of ... More.
  • Fringe benefitA benefit given to employees in addition to their salary, su... More taxA fee imposed by a government on personal or corporate incom... More (FBT): BT is payable on all the fringe benefits that an employerA person, business, organisation, etc., that pays for the se... More may be providing to his employees. FBT is not paid on the entire fringe benefitA benefit given to employees in addition to their salary, su... More but a certain percentage of the benefit is considered for FBT calculations.
  • Pay as you go (PAYG) taxA fee imposed by a government on personal or corporate incom... More: PAYG taxA fee imposed by a government on personal or corporate incom... More is paid on your expected business income and income from other investments. As a company, you may not only have to pay this type of taxA fee imposed by a government on personal or corporate incom... More on your business income, but may also have to withhold pay as you go taxA fee imposed by a government on personal or corporate incom... More from your employees and pay it on their behalf. The amount of taxA fee imposed by a government on personal or corporate incom... More that you withhold will depend on the employee’s salaryAn employees wages which are paid on a regular basis for per... More as well as their expected income taxA tax paid by individuals to the government, the amount of w... More liability at the end of the year. This taxA fee imposed by a government on personal or corporate incom... More is typically paid in instalments throughout the year.