Annual GST Return or Income Tax Return Due Date 31st October each Year.
July to September Quarter BAS or GST Lodgement Due Date 28th October each Year.
October to December Quarter BAS or GST Lodgement Due Date 28th February each Year.
January to March Quarter BAS or GST Lodgement Due Date 28th April each Year.
April to June Quarter BAS or GST Lodgement Due Date 28th July each Year.
If you are already registered with Tax Agent you may get an extension .Always check with your Tax Agent for your lodgement due dates.
FEW OF ATO Links as follows :
Link 1 : SIMPLE TAX CALCULATOR
Link 2: PAYG TAX WITHHELD CALCULATOR
Link 3: MOTOR VEHICLE EXPENSES
Always check with your Accountant for tax estimates as it may differ depending on your various factors.
Deductions for different categories of Taxpayers
LINK 1 : Deductions for Construction Workers
Link 2: Nurse, Midwife & Carers
Link 3: Deductions for Teachers
Link 4: Deductions for Truck Drivers
Link 5: Deductions for IT Professionals
Link 6: Deductions for Hairdressers and Beauty Therapist
Link 7: Deductions for Real Estate Professionals
Link 8: Deductions for Hospitality Workers
Link 9: Deductions for some other occupations
Individual Tax Rates
These income tax rates show the amount of tax payable in every dollar for each income tax bracket depending on your circumstances.
Find out about the tax rates for individual taxpayers who are:
Residents
These rates apply to individuals who are Australian residents for tax purposes.
Resident tax rates 2022–23
Taxable income | Tax on this income |
|---|---|
0 – $18,200 | Nil |
$18,201 – $45,000 | 19 cents for each $1 over $18,200 |
$45,001 – $120,000 | $5,092 plus 32.5 cents for each $1 over $45,000 |
$120,001 – $180,000 | $29,467 plus 37 cents for each $1 over $120,000 |
$180,001 and over | $51,667 plus 45 cents for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
Resident tax rates 2021–22
Taxable income | Tax on this income |
|---|---|
0 – $18,200 | Nil |
$18,201 – $45,000 | 19 cents for each $1 over $18,200 |
$45,001 – $120,000 | $5,092 plus 32.5 cents for each $1 over $45,000 |
$120,001 – $180,000 | $29,467 plus 37 cents for each $1 over $120,000 |
$180,001 and over | $51,667 plus 45 cents for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
Foreign residents
These rates apply to individuals who are foreign residents for tax purposes.
Foreign resident tax rates 2022–23
Taxable income | Tax on this income |
|---|---|
0 – $120,000 | 32.5 cents for each $1 |
$120,001 – $180,000 | $39,000 plus 37 cents for each $1 over $120,000 |
$180,001 and over | $61,200 plus 45 cents for each $1 over $180,000 |
Foreign resident tax rates 2021–22
Taxable income | Tax on this income |
|---|---|
0 – $120,000 | 32.5 cents for each $1 |
$120,001 – $180,000 | $39,000 plus 37 cents for each $1 over $120,000 |
$180,001 and over | $61,200 plus 45 cents for each $1 over $180,000 |
Children
If you are under the age of 18, and receive unearned income (for example, investment income), special rates apply.
Working holiday makers
These rates apply to working holiday maker income if you are either:
- a foreign resident
- Australian resident who is not from a non-discriminatory article (NDA) country.
You are a working holiday maker if you have a visa subclass:
- 417 (Working Holiday)
- 462 (Work and Holiday).
Working holiday maker tax rates 2022–23
Taxable income | Tax on this income |
|---|---|
0 – $45,000 | 15% |
$45,001 – $120,000 | $6,750 plus 32.5 cents for each $1 over $45,000 |
$120,001 – $180,000 | $31,125 plus 37 cents for each $1 over $120,000 |
$180,001 and over | $53,325 plus 45 cents for each $1 over $180,000 |
Working holiday maker tax rates 2021–22
Taxable income | Tax on this income |
|---|---|
0 – $45,000 | 15% |
$45,001 – $120,000 | $6,750 plus 32.5 cents for each $1 over $45,000 |
$120,001 – $180,000 | $31,125 plus 37 cents for each $1 over $120,000 |
$180,001 and over | $53,325 plus 45 cents for each $1 over $180,000 |
Resident tax rates 2020–21
Taxable income | Tax on this income |
|---|---|
0 – $18,200 | Nil |
$18,201 – $45,000 | 19 cents for each $1 over $18,200 |
$45,001 – $120,000 | $5,092 plus 32.5 cents for each $1 over $45,000 |
$120,001 – $180,000 | $29,467 plus 37 cents for each $1 over $120,000 |
$180,001 and over | $51,667 plus 45 cents for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
Resident tax rates 2019–20
Taxable income | Tax on this income |
|---|---|
0 – $18,200 | Nil |
$18,201 – $37,000 | 19c for each $1 over $18,200 |
$37,001 – $90,000 | $3,572 plus 32.5c for each $1 over $37,000 |
$90,001 – $180,000 | $20,797 plus 37c for each $1 over $90,000 |
$180,001 and over | $54,097 plus 45c for each $1 over $180,000 |
The above rates do not include the Medicare levy of 2%.
RECORD KEEPING
How long to keep your records
Generally, you must keep your written evidence for five years from the date you lodge your tax return.
Tax invoices
When you make a taxable sale of more than $82.50 (including GST), your GST-registered customers need a tax invoice to claim a credit for the GST in the purchase price.
If a customer asks you for a tax invoice you must provide one within 28 days of their request.
Tax invoices must include at least seven pieces of information. There are additional requirements for:
- Tax invoices for sales of $1,000
- Taxable and non-taxable sales
- E-invoicing
- Recipient-created tax invoices
Requirements of tax invoices
Tax invoices for sales under $1,000
Tax invoices for taxable sales of less than $1,000 must include enough information to clearly determine the following seven details:
- that the document is intended to be a tax invoice
- the seller’s identity
- the seller’s Australian business number (ABN)
- the date the invoice was issued
- a brief description of the items sold, including the quantity (if applicable) and the price
- the GST amount (if any) payable – this can be shown separately or, if the GST amount is exactly one-eleventh of the total price, such as a statement which says ‘Total price includes GST’
- the extent to which each sale on the invoice is a taxable sale
Tax invoices for sales of $1,000 or more
Tax invoices for sales of $1,000 or more need to show the buyer’s identity or ABN.
If your tax invoices meet the requirements for sales of $1,000 or more, you can also use them for sales of lesser amounts.
Example 2 shows:
- GST included in each line item
- the sale is clearly identified as being fully taxable by the words ‘Total price includes GST’
- the buyer’s identity for sales over $1,000.
Example 2: Tax invoice for a sale of more than $1,000
TAXABLE ANNUAL PAYMENT REPORT DUE DATE :
If your business makes payments to contractors or subcontractors you may need to lodge a Taxable payments annual report (TPAR) by 28 August each year.
You need to know about TPAR if your business provides any of the following services, even if it’s just part of the services you provide each year:
- building and construction services – this category is very broad; it includes plumbing, architectural, electrical, plastering, carpentry, engineering and a wide range of other activities (for full list, see Examples of building and construction services)
- cleaning services – this includes interior and exterior cleaning of structures, vehicles, machinery and cleaning for events
- courier services or road freight services – this includes delivery of items or goods (such as parcels, packages, letters and food) by motor vehicle, bicycle or on foot, the transportation of freight by road, truck hire with driver, and road vehicle towing services
- information technology (IT) services – this includes writing, modifying, testing or supporting software to meet a client’s needs, whether on site or remotely through the internet
- security, investigation or surveillance services – this includes patrolling and guarding people, premises or property; watching or observing an area and monitoring security systems; and investigation specifically related to security and surveillance, not just information gathering
- government entities.
When to register for GST
You must register for GST:
- when your business or enterprise has a GST turnover (gross income minus GST) of $75,000 or more (see Working out your GST turnover)
- when you start a new business and expect your turnover to reach the GST threshold (or more) in the first year of operation
- if you’re already in business and have reached the GST threshold
- if your non-profit organisation has a GST turnover of $150,000 per year or more
- when you provide taxi or limousine travel for passengers (including ride-sourcing) regardless of your GST turnover – this applies to both owner drivers and if you lease or rent a taxi
- if you want to claim fuel tax credits for your business or enterprise.
Registering for GST is optional if your business or enterprise doesn’t fit into one of these categories. If you choose to register, generally you must stay registered for at least 12 months.
Special Topics of your Interest
Tax treatment of cryptocurrencies
The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a blockchain. Cryptocurrency generally operates independently of a central bank, central authority or government.
The creation, trade and use of cryptocurrency is rapidly evolving. This information is our current view of the income tax implications of common transactions involving cryptocurrency. Any reference to ‘cryptocurrency’ in this guidance refers to Bitcoin, or other crypto or digital currencies that have similar characteristics as Bitcoin.
If you are involved in acquiring or disposing of cryptocurrency, you need to be aware of the tax consequences. These vary depending on the nature of your circumstances.
Everybody involved in acquiring or disposing of cryptocurrency needs to keep records in relation to their cryptocurrency transactions.
If you have dealt with a foreign exchange or cryptocurrency there may also be taxation consequences for your transactions in the foreign country.
Transacting with cryptocurrency
A capital gains tax (CGT) event occurs when you dispose of your cryptocurrency. A disposal can occur when you:
- sell or gift cryptocurrency
- trade or exchange cryptocurrency (including the disposal of one cryptocurrency for another cryptocurrency)
- convert cryptocurrency to fiat currency (a currency established by government regulation or law ), such as Australian dollars, or
- use cryptocurrency to obtain goods or services.
If you make a capital gain on the disposal of cryptocurrency, some or all of the gain may be taxed. Certain capital gains or losses from disposing of a cryptocurrency that is a personal use asset are disregarded.
If the disposal is part of a business you carry on, the profits you make on disposal will be assessable as ordinary income and not as a capital gain.
While a digital wallet can contain different types of cryptocurrencies, each cryptocurrency is a separate CGT asset.
Record keeping for cryptocurrency
It is vital to keep good records for all your transactions with cryptocurrency, whether you are using cryptocurrency as an investment, for personal use or in business.
You need to keep the following records in relation to your cryptocurrency transactions:
- the date of the transactions
- the value of the cryptocurrency in Australian dollars at the time of the transaction (which can be taken from a reputable online exchange)
- what the transaction was for and who the other party was (even if it’s just their cryptocurrency address).
The sorts of records you should keep include:
- receipts of purchase or transfer of cryptocurrency
- exchange records
- records of agent, accountant and legal costs
- digital wallet records and keys
- software costs related to managing your tax affairs
Keeping good records will make it easier to calculate and meet your tax obligations, and if you are in business, they will assist you to manage your cash flow and see how your business is doing.
You can use an accountant or third-party software to help meet your record-keeping obligations and working out your tax.