Tax Facts - Income Tax
Income tax is levied on taxable income, which is calculated as assessable income less any allowable deductions. Deductions include wages, cost of stock, rent, bad debts and previous year losses.
Individual
You can use the tax tables to determine how much you are taxed.
Resident tax rates 2009-10
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Non-Resident tax rates 2009-10
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Company
A company is a distinct legal entity with its own income tax liability, so a company tax return must be completed for each company. A company's income tax is calculated as a percentage of the taxable income the company earned during the financial year. The company tax rate is 30%.
Partnership
A partnership running a business must complete a partnership tax return to show all income earned and deductions claimed for expenses during the course of the business and how the profit or loss was shared between the partners. Each partner pays tax on their share of the partnership's income so they must include their individual share of the net partnership profit or loss in their personal tax return.
Sole Trader
Sole traders are not required to complete a separate return for their business. They use their personal income tax return to report their business income and deductions.
More information?
Michael Beddoes, FCA
Director
e mbeddoes@mbapartnership.com.au
t 07 5557 8700