What You Must Know About Australias Taxation Policy

Do you know the reason why Australia is classified as one of the multi-cultural countries in the world? This is because 28% of Australians were born abroad!

When compared with other countries, Australia has a greater share of immigrants than most other countries, and a person is arriving every minute and 24 seconds in Australia.

New migrants to Australia contributes to the country's economy, and they raised three economic growth "P" that is population, participation, and productivity. You can also hire professional individual income tax return specialists in Sydney for you.

Here are some of the taxation policies to help newcomers to understand more about Australia's taxation.

Goods and services tax

GST collected globally by the Federal Government and then paid to the countries under the distribution formula that is all determined by the Commonwealth Grants Commission.

Income tax

In Australia, the income tax can be paid through the Australian Taxation Office and collected by the Federal Government.

Individual taxpayers are taxed under their salaries and wages, while the owners of the company will be taxed at a flat rate of 30%.

Tax procedure

As a company or individual, you are solely responsible for providing the correct information to the Tax Office and the Australian Government.

Individuals or business owners must file an annual tax return at the end of each year of income, and you can claim a deduction or offset you are permitted to.