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Australia - TAXES ACCOUNTING |
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Corporate tax
Tax rate for resident companies |
The rate of the corporate tax for resident corporations is 30%, for the tax year 2001-2002.
Any company is also liable for the Fringe Benefit Tax - FBT (tax of 48.5%, owed on the value of fringe benefits granted to the employees of a company).
States also levy the Payroll Tax which varies between 3.65% and 6.85% of the global mass salary of the company (however, small firms are generally exempted from it).
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Taxe rate on long-term capital gains |
The tax rate on long-term capital gains is 30%.
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System governing groups of companies and dividends paid by subsidiaries to their parent companies |
With a few exceptions, dividends paid among residents companies are free of taxes. However, dividends paid by resident companies to nonresidents are subject to a withholding tax at the source at a rate of 30% (15% in case a tax treaty is applicable).
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Tax rate on branches |
A tax rate of 30% is imposed on branches, except under some non imposition agreements conditions.
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Income tax
Fiscal year |
The Australian tax year begins on 1st July and ends on 30th June.
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Income tax rate |
Tax rate schedule on the income 2005 for a resident:
0 A$ - 6,000 A$: 0%
6,001 A$ - 21,600 A$: 17%
21,600 A$ - 58,000 A$: 30%
58,001 A$ - 70,000 A$: 42%
Above70,000 A$: 47%
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VAT rates
Standard rates |
There is no VAT strictly speaking in Australia rather a GST (Goods and Services Tax - GST): The GST has a rate of 10% which applies during the sale or the purchase of the majority of goods and services in Australia or when importing in Australia. Some goods are exempt from GST: education, health, chidren care and so on.
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Reduced rates |
Reduced rates do not exist.
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Accounting
General accounting principles
In Australia, accounting is defined by the Corporations Laws. It requires that companies must refer to standards promulgated by the Australian Accounting Standards Board ( A.A.S.B). Any error registered concerning standards A.A.S.B must be mentioned on the audit report. {A.A.S.B}
Australian accounting standards are almost similar to the international accounting standards {I.A.S.B}
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Certification and auditing
The auditors must be registered as such. They obtain this recording either in the Institute of Chartered accountants of Australia ( I.C.A.A) or in the Australian Chartered accountants Organization.
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Last modified in
January 2003
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