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Income Tax

Income tax is levied on taxable income. Taxable income is calculated by using the following formula; assessable income less any allowable deductions. Deductions include such things as materials and consumable, toys, motor vehicle travel, and previous year losses.

Sole traders (practically all carers are 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 partnership’s income and deductions, and how the profit or loss was shared among the partners. Companies complete a Company Tax Return to calculate the income tax the company should pay.

Sole Trader: Income tax is calculated on taxable income, which is the person's assessable income less any allowable deductions.

Resident Tax Rates 2009-10:

Taxable Income
Tax on this Income
$0 – $6,000
Nil
$6,001 – $35,000
15c for each $1 over $6,000
$35,001 - $80,000
$4,350 plus 30c for each $1 over $35,000
$80,001 – $180,000
$17,850 plus 38c for each $1 over $80,000
Over $180,000
$55,850 plus 45c for each $1 over $180,000

Resident Tax Rates 2010-01:

Taxable Income
Tax on this Income
$0 – $6,000
Nil
$6,001 – $37,000
15c for each $1 over $6,000
$37,001 - $80,000
$4,600 plus 30c for each $1 over $34,000
$80,001 – $180,000
$17,550 plus 37c for each $1 over $80,000
Over $180,000
$54,550 plus 45c for each $1 over $180,000

To determine how much tax you have to pay or to estimate how much tax you may have to withhold to provide for tax at the end of the year we have constructed a simple tax calculator please click here to go to our calculators page

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