INCOME TAX

Income tax is levied on taxable income. Taxable income is calculated as [assessable income] less [any allowable deductions]. Deductions include wages, cost of stock, rent, bad debts, and previous year losses.


Sole traders are not required to complete a separate return for their business. They use their personal income tax return to report their business income and deductions.

 

Partnerships complete a partnership tax return to show the partnerships income and deductions and how the profit or loss was shared among partners.

 

Companies complete a company tax return to calculate the income tax the company should pay. Income tax is calculated according to taxable income for sole traders. Trusts complete a tax return and distribute income to beneficiaries or unit holders.
 

 

NOTE: Resident tax rates do not include the Medicare levy 

 

Click here to access the ATO's tax withheld calculator for individuals
 

Elevated Accounting Melbourne


Tel:             + 61 3 9682 7011
Email:          info@elevatedaccounting.com.au
Address​​​​​​:      Kings Business Park

                  99 Coventry St, South Melbourne, VICTORIA 3205

Postal:        PO Box 669, South Melbourne, VICTORIA 3205

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