• Property Investment

    Whether you are buying your first home, or looking to invest, we can advise on the best strategy, tax structure and source the best home loan for you.

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    Take the worry out of tax & compliance, let us take care of this, whilst you do what you do best, and have time out, to 'smell the roses' too...

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    You're never too young or too old, to seek out the benefits or a SMSF, lets us show you how to grow your wealth today.

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    Do you know what is the best tax structure for your business? We do, the correct structures and strategies from the start, will ensure you get a head start.

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    There is no such thing as a 'Silver Bullet' a happy retirement requires a plan ... and it's never too late, or too early, to plan.

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    We don't expect you to be an expert in anything but your business, for everything else, turn to us, 'Your Trusted Business Advisors'

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  • Xero

    Our accounting solutions for small business, allows you to do what you love, knowing that we are assisting you to manage your books, with the "world's easiest accounting software" try us...

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Return to List of Tax Facts

Tax Facts - Income Tax

Income tax is levied on taxable income, which is calculated as assessable income less allowable deductions. Gross tax on taxable income is reduced by tax offsets, to arrive at net tax payable or refundable.

Individuals

The Australian Taxation Office (ATO) publishes lists of assessable income, allowable deductions and tax offsets for individuals. Sole traders declare business income in their individual income tax return, they are not required to complete a separate return for their business. Tax on individuals is charged at marginal rates. You can use the tax tables to determine how much you are taxed.

Resident tax rates 2018-19

Taxable income Tax on this income
$0 - $18,200 $0
$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%.

The above rates include changes announced in the 2018-19 Federal Budget.

Non-resident tax rates 2018-19
Taxable income Tax on this income
$0 - $90,000 32.5c for each $1
$90,001 - $180,000 $29,250 plus 37c for each $1 over $90,000
$180,001 and over $62,550 plus 45c for each $1 over $180,000

The above rates include changes announced in the 2018-19 Federal Budget.

MORE: See the ATO web site for more information on Individual Income Tax Rates.

Companies

A company is a distinct legal entity with its own income tax liability, and is required to lodge a Company income tax return. The company tax rate is generally 30%. Special rates apply to certain types of companies, or companies in certain industries.

Partnerships

A partnership carrying on a business must complete a Partnership tax return to show all income earned and deductions claimed for the income year, and how the net income or loss was shared between the partners. The partnership itself is not a taxable entity. Rather, each partner includes a share of the partnership's net income or loss in the partner's taxable income.

Partnerships where the only income is from joint investments (for example, jointly owned shares or rental properties) are not required to lodge a Partnership income tax return. Rather, each partner's share of the joint income is declared in the partner's own tax return.

Trusts

Where a beneficiary (not under a legal disability) is presently entitled to a share of net income of a trust, the trustee is not taxable. Rather, each such beneficiary includes a share of the trust's net income in the beneficiary's taxable income. A trust cannot distribute a net loss to the beneficiaries, the loss is carried forward to offset against net income in later years.

Where a presently entitled beneficiary is under a legal disability (for example, under 18 years of age, a non-resident, or incapable of managing his/her own affairs), the trustee is taxable on the beneficiary's share of the trust's net income. The tax rates correspond to the tax rates that would otherwise be payable by the beneficiary.

Where no beneficiary is presently entitled to part of the trust's net income, the trustee is taxable. The tax rates depend on the trust's particular circumstances, for example income of deceased estates attracts a different tax rate depending on the stage of administration of the estate.

Superannuation funds

A superannuation fund is a distinct legal entity with its own income tax liability and is required to lodge an income tax return. Different income tax return forms are used by self-managed superannuation funds and other superannuation funds. The superannuation fund tax rate is generally 15%. Higher rates apply to net non-arm's length income, and contributions by or on behalf of a member who has not quoted his/her tax file number to the trustee.

Our Key Services

At Delphi Business Group we specialise in Small to Medium Businesses, Franchisee's, Tradies and Professionals and our practice has evolved to meet their needs.

Click here to view our list of key services
Client Resources

Click the links below to view our handy online tools and resources.

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5 Everage Street
MOONEE PONDS, VIC 3039

P. 1300 107 145
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