Types of Taxes in Australia

Income Tax: This is one of the most significant sources of revenue for the Australian government. Individuals are taxed on their assessable income, which includes wages, salaries, investments, and other sources of income. The tax rates increase as income levels rise.

Goods and Services Tax (GST): GST is a consumption tax applied to most goods and services sold or consumed in Australia. The standard rate is 10%, and businesses with a GST turnover of $75,000 must register for GST.

Corporate Tax: Companies operating in Australia are subject to corporate tax on their profits. The corporate tax rate may vary based on the company’s size and revenue.

Superannuation Tax: Superannuation funds, designed to provide retirement benefits, have concessional tax rates. Contributions made to super funds are generally taxed at a lower rate than individual income tax rates.

Capital Gains Tax (CGT): CGT applies to the profit made from selling assets such as property, shares, and investments. The rate of CGT varies based on factors such as the type of asset and how long it was held.

Customs and Excise Duties: These taxes are applied to certain imported and locally manufactured goods, including alcohol, tobacco, and fuel.

Payroll Tax: Payroll tax is levied on the wages a business pays its employees and can vary between states and territories.