TAX NATIVES
GLOBAL
OUR JURISDICTIONS —
Australia
LAST UPDATED 29/02/2024
AT A GLANCE
Mainland Australia, plus the island of Tasmania and a raft of smaller islands in the Pacific and Indian Oceans, make up this southern hemisphere country. Its capital, Canberra, is found in the Australian Capital Territory – one of the country’s six states.
With English as its official language and its state currency the Australian dollar (AUD), Australia has secured its place as an advanced and internationally competitive market economy.
Australia was colonised in the 18th and 19th centuries by the British, who seized land from the indigenous Aboriginal population. Since then, Australia’s plentiful natural resources have attracted consistent investment from abroad. In the 1990s, it had one of the world’s fastest growing economies. Now, it continues to be a major exporter of natural resources, food and energy and has a significant services sector.
Our local Tax Natives can tell you everything you need to know about the ins and outs of your tax obligations in Australia. Whether you’re buying a single property, or doing millions of dollars of business, we’ll get you the advice you need. Just say the word and we can put you in touch with a local expert who can answer all your questions.
THE HEADLINES
- Corporate income tax is 25% for small to medium businesses and 30% for everyone else.
- Personal income tax rate is 45%
- Standard VAT rate is 10% for goods and services
Tax experts in the region
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Expert Tax Advice Services in Australia
Here is a summary of some of Australia’s tax-related information:
Corporate Taxes
- Headline corporate income tax (CIT) rate is 30% (25% for small-medium business entities)
- CIT return due date is generally the 15th day of the seventh month following the end of the income year
- CIT final payment due date is the first day of the sixth month following the end of the income year
- Monthly or quarterly CIT estimated payment due dates
Personal Taxes
- Headline personal income tax (PIT) rate is 45%
- PIT return due date is October 31st
- PIT final payment due date is as stated on the assessment notice
- Quarterly PIT estimated payment due dates: October 28th, February 28th, April 28th, and July 28th
Wealth and death taxes
- Australia does not have a net wealth/worth tax
- There is no inheritance or gift tax in Australia
- There are no death taxes in Australia
Capital Gains
- Capital gains are subject to the normal CIT or PIT rate
Property taxes
- All states and territories (except the Northern Territory) charge a tax based on the unimproved value of land.
- All states and territories charge a stamp duty on various transactions, including real estate conveyances. Rates and exemptions vary by state.
Sales Tax
- The standard VAT rate is 10%
- Withholding tax (WHT) rates are 0% for residents and 30% for non-residents, with certain exemptions that may apply
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