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Australia - Other taxes and levies

Australia - Other taxes and levies

Taxation of international executives

1000

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Social security tax

Are there social security/social insurance taxes in Australia? If so, what are the rates for employers and employees?

Employer and Employee

Type of Insurance

Paid by employer

Paid by employee

Total

Superannuation guarantee*

9.5 percent

0.0 percent

9.5 percent

Medicare levy**

0.0 percent

2.0 percent of taxable income

2.0 percent

Total

9.5 percent

2.0 percent

11.5 percent

* Rate of 9.5 percent is applied to a capped earnings level of AUD55,270 per quarter (2019/20 rates).

** Rate of 2.0 percent will be applied for the 2019/20 tax year. In some cases, a Medicare Levy Surcharge may be payable if the individual and their dependents do not have appropriate private hospital health insurance and the total of their taxable income and reportable amounts exceed the set thresholds. The rates that apply vary from 1 to 1.5 percent and apply to the total of their taxable income and reportable amounts; not just their taxable income.

Gift, wealth, estate, and/or inheritance tax

Are there any gift, wealth, estate, and/or inheritance taxes in Australia?

No.

Real estate tax

Are there real estate taxes in Australia?

Some states charge an annual land tax which is based on the value of land held in that state. If the property is your main residence, it will generally be exempt from the tax.

Sales/VAT tax

Are there sales and/or value-added taxes in Australia?

A goods and services tax (“GST”) of 10 percent applies in respect of most goods supplied and services provided in Australia.

Unemployment tax

Are there unemployment taxes in Australia?

No.

Other taxes

Are there additional taxes in Australia that may be relevant to the general assignee? For example, customs tax, excise tax, stamp tax, and so on.

Payroll Tax

Employers may be liable to payroll tax where the annual payroll exceeds certain threshold levels. Rates and thresholds vary between states.

Work Coverage

Compulsory workplace insurance must be acquired by employers in respect of employees working in Australia.

Foreign Financial Assets

Is there a requirement to declare/report offshore assets (e.g. foreign financial accounts, securities) to the country/jurisdiction’s fiscal or banking authorities?

No.

Disclaimer

All information contained in this publication is summarized by KPMG Australia Pty Limited, an Australian limited liability company and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The information contained in this publication is based on the Australian Income Tax Rates Act 1986, Superannuation Guarantee Charge Act 1992 and the Superannuation Guarantee (Administration) Act 1992, Medicare Levy Act 1986 and Income Tax Assessment Act 1936 Part VIIB, Australian Income Tax Assessment Act 1936 and Australian Income Tax Assessment Act 1997, the Australian Fringe Benefits Tax Assessment Act 1986, Australian Taxation Administration Act 1953, Part 2-5, Australian Income Tax Assessment Act 1997 Division 102 (section 102-5 is the operative provision which includes net capital gain in assessable income), Australian Taxation Office web site ATO assist at www.ato.gov.au or Tax Pack.

©2021 KPMG, an Australian partnership and a member firm of the KPMG global organisation of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. All rights reserved. The KPMG name and logo are trademarks used under license by the independent member firms of the KPMG global organisation.

Liability limited by a scheme approved under Professional Standards Legislation.


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