Here are some useful information from the ATO on tax matters that may impact on you.
Capital gains tax (CGT) is the tax you pay on a capital gain. It is not a separate tax, just part of your income tax. The most common way you make a capital gain (or capital loss) is by selling assets such as real estate, shares or managed fund investments. Check out the ATO Capital Gains Tax website.
The ATO produce tax calculators to help you work out your tax refund or debt estimate for previous years. You can use these to estimate your tax payable and also calculate your: Medicare levy Medicare levy surcharge Higher Education Loan Program (HELP)/Trade Support Loan (TSL) repayment Student Financial Supplement Scheme (SFSS) repayment any tax offsets that may apply. Check out the ATO Complex Tax Calculator website.
An employee share scheme (ESS) is a scheme under which shares, stapled securities or rights to acquire them (ESS interests) in a company are provided to an employee or their associate in relation to the employee’s employment. This page provides information for both employees and employers participating in an ESS. Check out the ATO Employee share schemes website.
Fringe benefits tax (FBT) is paid on certain benefits employers provide to their employees or their employees’ associates in place of salary or wages. Check out the ATO Fringe Benefits Tax website.
You use your tax return to tell us about (declare) the income you received during the financial year so we can work out (assess) the amount of tax you need to pay. Not all the money you might receive is ‘declarable’ income. Check out the ATO Income you must declare website.
These are the individual income tax rates that are applicable to: Residents Foreign residents Children Check out the ATO Individual Income Tax Rates website.
Australian residents are taxed on their worldwide income, so whether you have investments in Australia or overseas there are tax aspects to obtaining, owning and disposing of them. Find out how to meet your obligations and make sure you don’t pay more tax than you need to. Check out the ATO Investment Individuals website.
This calculator will help you to calculate the tax you owe on your taxable income for the previous four income years. It won’t calculate: Medicare levy Medicare levy surcharge Temporary Budget Repair Levy Working Holiday Makers’ tax obligations Higher Education Loan Program (HELP) Trade Support Loan (TSL) Student Financial Supplement Scheme (SFSS) liabilities you may have. Check out the ATO Simple Tax Calculator website.
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