Tax
Understand your tax obligations from lodging your tax return and claiming deductions to superannuation, capital gains, GST, and what to do when you owe money to the tax office.
The payroll tax threshold for Tasmania in 2026 has not yet been announced. For the 2024-25 financial year, it is $1.25 million, and it is reviewed annually, typically updated closer to the new financial year.
The Australian Taxation Office (ATO) generally treats cryptocurrency as property for tax purposes, subjecting disposals to Capital Gains Tax (CGT). Current rules apply for 2026 unless specific legislative changes are announced and enacted.
In 2026, your superannuation preservation age depends on your birth date. For those born on or after 1 July 1964, it is 60. For others, it ranges from 55 to 59, according to a tiered schedule set by the Australian government.
Yes, you can claim a tax deduction for eligible personal super contributions in Australia. This allows you to reduce your taxable income, provided you meet specific eligibility criteria, contribution caps, and notify your super fund of your intent to claim.
Yes, the Australian Taxation Office (ATO) can legally garnish your wages. They do this by issuing a garnishee notice to your employer, bank, or other third parties, compelling them to send money owed to you directly to the ATO to cover outstanding tax debts.
For the 2026 financial year, the Division 293 tax is triggered when an individual's income for surcharge purposes and low-taxed superannuation contributions together exceed $250,000.
Australia's income tax brackets for the 2026 financial year (1 July 2025 - 30 June 2026) will be the same as those commencing 1 July 2024. These rates feature a tax-free threshold and adjusted marginal rates designed to simplify the system.
Yes, JobSeeker payments are generally considered taxable income in Australia and must be declared in your annual income tax return.
The Northern Territory's payroll tax threshold for the 2026 financial year has not yet been announced. The current annual threshold is $1.5 million (as of 2023-24), which is subject to annual review and legislative changes.
The land tax threshold for Queensland in 2026 has not yet been announced. Land tax thresholds are typically reviewed and updated annually, with details usually released closer to or during the state budget for the relevant financial year.
Generally, you can access your superannuation in Australia once you reach your preservation age and meet a condition of release, such as retirement, turning 65, or under specific compassionate or hardship grounds.
Yes, you can access your super early in Australia under very limited and specific circumstances, such as severe financial hardship, compassionate grounds for medical treatment or funeral expenses, or due to a terminal medical condition.
While 2026 stamp duty rates for Queensland are not yet published, the calculation typically follows a progressive scale based on the property's dutiable value. Concessions exist for first home buyers and owner-occupiers, significantly reducing the payable amount.
No, you generally do not pay Capital Gains Tax (CGT) when selling your home in Australia if it has been your main residence for the entire period of ownership.
Yes, income protection insurance payouts in Australia are generally taxable as income because the premiums are usually tax-deductible. This means the benefit payments you receive are treated like regular income for tax purposes.
The exact super contributions cap for 2026 is not yet determined. It is indexed annually based on Average Weekly Ordinary Time Earnings. The concessional cap for 2024-25 is $27,500, and the non-concessional cap is $110,000.
Yes, you must declare all cash income on your tax return in Australia. All income, regardless of how it is paid, is generally taxable and needs to be reported to the Australian Taxation Office (ATO) to avoid penalties.
For Capital Gains Tax (CGT) purposes in Australia, the cost base of an inherited asset generally depends on when the deceased acquired it. If acquired by the deceased before 20 September 1985, the cost base is its market value on the date of death. If acquired later, it's usually the deceased's cost base.
In NSW, stamp duty (transfer duty) is calculated based on the dutiable value of the property and progressive rates set by Revenue NSW. While 2026 rates are not yet finalized, the method remains tied to the property's value, with potential exemptions and concessions available.
For the 2026 income year, the company tax rate in Australia is 25% for base rate entities with an aggregated turnover under $50 million and passive income below 80%. All other companies pay the general corporate tax rate of 30%.
A sole trader is an individual running a business in Australia, personally responsible for all aspects. They pay income tax on business profits through their personal tax return and may need to register for GST if their turnover exceeds a threshold.
Tax avoidance uses legal methods to reduce tax obligations within the law's intent, while tax evasion involves illegal actions like concealing income or falsifying claims to avoid paying taxes. One is legal, the other is a criminal offense.
Yes, the electric vehicle Fringe Benefits Tax (FBT) exemption is expected to continue into 2026 for eligible battery electric and hydrogen fuel cell vehicles. However, plug-in hybrid electric vehicles will no longer be exempt from 1 April 2025.
The small business restructure rollover in Australia allows eligible small businesses to transfer assets, including capital gains tax (CGT) assets, trading stock, revenue assets, and depreciating assets, from one entity to another without incurring an immediate tax liability.
Yes, you can claim a portion of your phone expenses on your Australian tax return if you use it for work-related purposes. You must apportion the cost based on your work usage and keep adequate records.
Significant changes to Australian income tax, known as Stage 3 tax cuts, began on July 1, 2024, not 2026. These reforms adjusted marginal tax rates and thresholds, providing tax relief to all taxpayers, particularly those on middle and higher incomes.
Franking credits are a tax credit attached to dividends paid by Australian companies. They represent the tax the company has already paid on its profits, allowing shareholders to offset this tax against their own income tax liability and avoid double taxation.
Trust distributions are generally taxed in the hands of the beneficiaries who are presently entitled to the income, at their individual marginal tax rates. If income is retained by the trust, it is usually taxed at the top marginal tax rate.
The First Home Owner Grant (FHOG) in NSW is currently $10,000 for new homes valued up to $600,000. While policies can change, this amount is expected to remain consistent for 2026, alongside potential stamp duty concessions for first-time buyers.
When you die in Australia, your superannuation does not automatically form part of your estate. Your super fund trustee distributes your benefits to eligible dependants or your legal personal representative, typically based on your death benefit nomination, with potential tax implications.