Here is a list of those that will affect most people.
The following table details the tax brackets of our progressive tax system for the financial year ending 30 June 2010.
|
Taxable income |
Tax on this income |
|
$0 – $6,000 |
Nil |
|
$6,001 – $35,000 |
15c for each $1 over $6,000 |
|
$35,001 – $80,000 |
$4,350 plus 30c for each $1 over $35,000 |
|
$80,001 – $180,000 |
$17,850 plus 38c for each $1 over $80,000 |
|
$180,001 + |
$55,850 plus 45c for each $1 over $180,000 |
The following table details the tax brackets of our progressive tax system for the financial year ending 30 June 2011.
|
Taxable income |
Tax on this income |
|
$0 – $6,000 |
Nil |
|
$6,001 – $37,000 |
15c for each $1 over $6,000 |
|
$37,001 – $80,000 |
$4,650 plus 30c for each $1 over $37,000 |
|
$80,001 – $180,000 |
$17,550 plus 37c for each $1 over $80,000 |
|
$180,001 + |
$54,550 plus 45c for each $1 over $180,000 |
There are several different tax rates depending on your structure. For example, there are companies, businesses, individuals, partnerships and so on.
People with investment property are taxed at the individual tax rate unless that property is part of a company (then the company owns the property and not the individual). The tax bracket of the income derived from the investment property that an individual owns, is taxed at that individuals tax rate depending on the amount of total taxable income that individual receives for the taxation period. Of course, the tax liability is reduced according to the expenses incurred in gaining that income. For example; expenses directly associated with that property including but not limited to: rates, insurance, interest paid on the home loan of that property, damage repair, (not wear and tear) etc. The tax office is very strict on claims with investment properties.
Dividends, sold shares and money derived from those holding or having sold shares is also income. This too, must be part of your income assessment in the financial year. The intricacies for shares can become quite involved and as such, care must be taken to include necessary income from shares and dividends.
The Medicare levy (1.5% of taxable income) may also be payable.
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