Australia

Overview

Last reviewed - 03 July 2020

Australia is a country in the Southern Hemisphere comprising the mainland of the Australian continent as well as the island of Tasmania and numerous smaller islands in the Indian and Pacific Oceans. Australia is divided into six states and two territories, with Canberra as its capital. The official language of Australia is English, and the currency is the Australian dollar (AUD).

Six British colonies, which were created in the late 18th and 19th centuries, were federated and became the Commonwealth of Australia in 1901. In recent decades, Australia has transformed itself into an internationally competitive, advanced market economy. It boasted one of the Organisation for Economic Co-operation and Development's (OECD's) fastest growing economies during the 1990s, a performance due in large part to economic reforms adopted in the 1980s. Australia's abundant and diverse natural resources attract high levels of foreign investment and include extensive reserves of coal, iron ore, copper, gold, natural gas, uranium, and renewable energy sources. Australia also has a large services sector and is a significant exporter of natural resources, energy, and food.

PwC Australia's industry teams combine skills and experience in assurance, business advisory, and taxation to offer clients competitive solutions. The industries include agri-business, asset management, banking and capital markets, constructions and transportation, energy and resources, entertainment and media, government, healthcare, industrial products, infrastructure, insurance, retail and consumer, and technology and digital.

PwC Australia's Tax and Private Clients practice has over 1,000 professionals. Our clients include public and private Australian companies and organisations, entrepreneurs, family businesses, trusts, partnerships, private individuals, and a host of internationally recognised names. Combining the skills of financial and tax specialists with those of economists, lawyers, and other in-house specialists, PwC Australia's tax specialists solve tax problems from the ideas stage through to implementation of systems and processes, providing proactive business solutions to clients' complex business needs. We offer services in:

  • compliance
  • corporate tax
  • customs and excise
  • employment taxes
  • financial services
  • global tax and transactions
  • goods and services tax
  • global mobility solutions
  • private clients, including high wealth individuals
  • research and development
  • stamp duty
  • tax controversy
  • tax reporting and strategy, and
  • transfer pricing.

Quick rates and dates

Corporate income tax (CIT) rates
Headline CIT rate (%)

30% (26% for 'small business' entities)

Corporate income tax (CIT) due dates
CIT return due date

Generally, 15th day of the seventh month following the end of the income year.

CIT final payment due date

First day of the sixth month following the end of the income year.

CIT estimated payment due dates

Monthly or quarterly.

Personal income tax (PIT) rates
Headline PIT rate (%)

45

Personal income tax (PIT) due dates
PIT return due date

31 October

PIT final payment due date

As stated on the assessment notice.

PIT estimated payment due dates

PAYG on a quarterly basis: 28 October, 28 February, 28 April, and 28 July.

Value-added tax (VAT) rates
Standard VAT rate (%)

Goods and services tax: 10

Withholding tax (WHT) rates
WHT rates (%) (Div/Int/Roy)

Resident: 0 / 0 / 0 (Note that a rate of 49% applies in the case of interest and certain dividends where a Tax File Number is not quoted to the payer);

Non-resident: 30 / 10 / 30 (Note there are certain exemptions that may apply)

Capital gains tax (CGT) rates
Corporate capital gains tax rate (%)

Capital gains are subject to the normal CIT rate.

Individual capital gains tax rate (%)

Capital gains are subject to the normal PIT rate.

Net wealth/worth tax rates
Headline net wealth/worth tax rate (%)

NA

Inheritance and gift tax rates
Inheritance tax rate (%)

NA

Gift tax rate (%)

NA

NA stands for Not Applicable (i.e. the territory does not have the indicated tax or requirement)

NP stands for Not Provided (i.e. the information is not currently provided in this chart)

All information in this chart is up to date as of the 'Last reviewed' date on the corresponding territory Overview page. This chart has been prepared for general guidance on matters of interest only, and does not constitute professional advice. You should not act upon the information contained in this chart without obtaining specific professional advice. No representation or warranty (express or implied) is given as to the accuracy or completeness of the information contained in this chart, and, to the extent permitted by law, PwC does not accept or assume any liability, responsibility or duty of care for any consequences of you or anyone else acting, or refraining to act, in reliance on the information contained in this chart or for any decision based on it.