Australian tax
From TaxAlmanac
Resident individuals whose total taxable income for the year from all sources exceeds tax-free (personal annual allowance) threshold $6,000 are required to lodge a return.
Individuals with taxable income below the tax –free threshold are also required to file a return in various situations, such as where:
PAYG (Pay-as-you-go) amounts have been withheld from your pay or income; you have prior (past) years losses to a loss in the current year; you are liable to pay child support; you carried on a business; you has reportable fringe benefits amount included on your payment summary; you wish to claim refund of imputation credits; you were entitled to a distribution from trust which carried on a primary production business; or You were a special professional (such as authors, inventors, performing artists, production associates and sportspersons) covered by the income averaging provision. Special lodgment requirements apply to individuals entitled to certain government pensions, allowances and benefits.
Residents of Norfolk, Cocos (keeling) and Christmas Islands are treated residents of Australia for the purposes of assessment and payment of tax.
Special measurement for Individuals who were resident for only part of the year, and there is a formula to assessed they taxable income and a guideline to determine their residency.
Minors under 18 years old Most “unearned Income”(such as: rent, interest, dividend, income splitting, capital gains, trust and other income from property) of resident minors is effectively taxed at taxes at the higher marginal rate of tax, it called “Prescribed tax rate” (47% for 2003/2004). Where the minor is a resident, the special rule does not apply if the relevant income is $416 or less. However, the availability of the low-income earner’s rebate effectively increase this threshold to $643 (for 2003/2004) if the minor has no other income.
Deceased Taxpayer’s Return A return must normally be filed for a decreased taxpayer for the period from the close of the previous income year to the date of death. The return is filed by the executor or administrator of the deceased’s estate and must included all assessable income or losses derived by the decreased in that period. The word “Deceased Estate” should be written at the top of the return form.
NON RESIDENT INDIVIDUALS Non- Residents are only assessed on income derived in Australia other than dividend, interest or royalty income subject to withholding tax.
