Your Finances
Taxation Issues
At this stage it should be stressed, that any specific tax advice should be given by an appropriate tax adviser in Australia or your home country.
Tax Returns
By October 31 each year, all Australian taxpayers must complete a tax
return – “The TaxPack”. This is a self-assessment system,
whereby each taxpayer declares their income and allowances to arrive at
their own tax liability.
Tax File Numbers (TFN)
Every Australian resident with earnings from employment or investment
needs a Tax File Number.
Australian Business Register (ABN)
If you run a business, you will normally be required to register for an
Australian Business Number. You will also have to register for the Goods
and Services Tax (GST) if you turnover is greater than $50,000 per annum.
Employment
Employers are required to deduct income tax directly from their employee’s
salaries each pay period (each month or fortnight). See tax rates.
Self employment
Those in business for themselves are required to complete a quarterly
Business Activity Statement (BAS) to account for their business tax, GST,
Superannuation fund payments etc. The system is known as Pay as You Go
(PAYG).
Investment Income
Individuals with Investment income (such as rental income or dividends
from shares) greater than $1,000 will normally have to complete a quarterly
Instalment Activity Sheet, and pay the tax due.
Marginal Tax Rates
Individual Rates for 2003-2004 and subsequent years