Our Jtax franchisees can provide you with
a complete Payroll service or a limited one?
Enquire now to see if we can help with
Single Touch Payroll (STP) setup and casual support
Payroll run in our J Cloud either via yourself or a Jtax specialist or both
Income tax in Australia is the most important revenue stream within the Australian taxation system. Income tax is levied upon three sources of income for individual taxpayers: personal earnings (such as salary and wages), business income and capital gains. Collectively these three sources of income tax account for 66% of federal government revenue and 57% of total revenue across the three tiers of government.
Income received by individuals is taxed at progressive rates, while income derived by companies is taxed at a flat rate of 30%. Generally, capital gains are only subject to tax at the time the gain is realized. Income tax is collected by the Australian Taxation Office for the Government of Australia.
In Australia the financial year runs from 1 July to 30 June of the following year. Income tax is applied to the taxable income of a taxable entity. Taxable income is calculated, in a broad sense, by applying allowable deductions against the income of a taxable entity