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Australia - Other taxes and levies
Australia - Other taxes and levies
Taxation of international executives
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 AUD 50,810 per quarter (2015/16 rates).
** Rate of 2.0 percent will be applied for the 2015/16 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 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’s fiscal or banking authorities?
No
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