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Income tax on personal income is a progressive tax. The rates for resident individual taxpayers are different from those for non-resident taxpayers (see below). The current tax-free threshold for resident people is $18,200, and the highest marginal rate for individuals is 45%.
The tax rates given for federations ... (Same as income tax rate) Taxation in Australia ... 35% for non-residents 20% (standard rate)
A withholding tax applies on unfranked dividends paid to non-resident shareholders. [14] From 2015/16, designated "small business entities" with an aggregated annual turnover threshold of less than $2 million were eligible for a lower tax rate of 28.5%.
The new expatriation tax law, effective for calendar year 2009, defines "covered expatriates" as expatriates who have a net worth of $2 million, or a 5-year average income tax liability exceeding $139,000, to be adjusted for inflation, or who have not filed an IRS Form 8854 [20] certifying they have complied with all federal tax obligations for ...
The Philippines used to tax the foreign income of nonresident citizens at reduced rates of 1 to 3% (income tax rates for residents were 1 to 35% at the time). [170] It abolished this practice in a new revenue code in 1997, effective 1998.
For example, the DTA with the United States provides that, in the case of royalties, the US will tax Australian residents at the rate of 5%, and Australia will tax it at normal Australian rates (i.e., 30% for companies) but give a credit for the 5% already paid.
Income tax exempt organisations (e.g., schools, museums). Non-profit organisations. Recipients of government pensions who are 80 years and older. Children under 16 (earning up to $420 per year of interest, in 2005). Foreign residents for interest and dividends (they are subject to non-resident withholding tax instead).
A capital gains tax (CGT) was introduced in Australia on 20 September 1985, one of a number of tax reforms by the Hawke/Keating government. The CGT applied only to assets acquired on or after that date, with gains (or losses) on assets owned on that date, called pre-CGT assets, not being subject to the CGT.