Tax in Australia

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Overview of Tax

Financial Year

The Australian financial year is from 1 July to 30 June.

Tax Returns

By 31 October each year, all Australian taxpayers must complete a tax return - "the TaxPack". This is a self-assessment system, whereby each taxpayer declares their income and allowances to arrive at their own tax liability.

Tax File Number (TFN)

Every Australian resident with earnings from employment or investment needs a Tax File Number (TFN). You should apply for your TFN soon after arrival - either at a Tax office, via post or online. Your TFN will be allocated and sent to you within 28 days, but if you get work in the meantime, just tell your employer you have applied, so you don't get taxed on a higher rate.

Australian Business Number (ABN)

If you run a business, you will normally be required to register for an Australian Business Number. You will also have to register for the Goods and Services Tax (GST) if your turnover exceeds $75,000 per annum. See the ATO website for more.


Important - Please Read
In Australia, anyone providing financial product advice must be licensed through ASIC ( is not a financial advisor and we do not give financial product advice - we do provide general factual information only, obtained from official government sources, such as the ATO ( and statistics from what we believe to be reputable sources. You should consider obtaining independent advice before making any financial decisions.

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