Tax
Tax is a specialised area and needs to be worked out on an individual basis. Income tax can be structured in various ways for employees in Australia. Individual, partnerships and companies have to submit a tax return at the end of each financial year, which falls on 30 June. It is advisable to use the services of an accountant to do this.
If you start your employment as a salaried worker, visit an accountant to find the best tax set-up for you. There are two kinds of qualified accountant in Australia: the certified practising accountant or CPA, or Chartered Accountant. Make sure your accountant has one of these qualifications.
For basic information on tax rates, fringe benefits tax – which affects employment benefits like company cars and business expenses – superannuation and family tax benefits visit the Australian Tax Office (ATO) website.
If you will be paid a salary you can work out your weekly, fortnightly or monthly income tax deductions in the tax calculation section of the ATO website. The amount of income tax you pay also depends on your visa status. Once you are registered as an Australian resident, the following table for 2009-10 is a guide to the income tax that will apply.
| Annual earnings | Marginal Tax rate (%) | Annual rate |
|---|---|---|
| A$1 - $6000 | 0 | Nil |
| 6,001 – $35,000 | 15 | 15c for each $1 over $6,000 |
| $35,001 - $80,000 | 30 | $4,350 plus 30c for each $1 over $35,000 |
| $80,001 – $180,000 | 38 | $17,850 plus 38c for each $1 over $80,000 |
| $180,001 and over | 45 | $55,850 plus 45c for each $1 over $180,000 |
For more information on individual income tax rates, see the ATO website.
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or send an email to:
Email:business@business.nsw.gov business@business.nsw.gov.au