Capital Gains Tax (CGT)
Capital Gains on assets such as shares or investment property are included in the assessable income and taxed at the individual's highest rate of tax. However, if the asset has been held for at least one year, the liability is reduced by 50% for Australian tax residents. see ATO for more ...
Goods and Services Tax (GST)
GST was introduced in July 2000 and is applied at 10% to most goods and services. For the individual there is nothing to do (except pay it!). Businesses, however, must register and charge GST if their annual turnover exceeds $75,000. The business must account for GST on its sales and purchases and pay the difference to the ATO on a quarterly basis. see ATO for more ...
Stamp duty is payable on certain financial transactions and can be quite a nasty surprise for migrants. Rates differ from state to state, so follow the links below to get specific rates.
The biggest lump of stamp duty you are likely to pay is when you buy a house. For example, if you buy a $500,000 property in WA, you will pay $17,765 in stamp duty. You'll also have to pay a transfer fee ($250) and a mortgage registration fee ($160) on any mortgage you take out.
Stamp duty is payable when you buy a new or used vehicle. For example, a used car bought for $20,000 in WA would cost another $840 in stamp duty.
Here are some of the other financial transactions that may attract stamp duty; rental agreements, buying shares, insurance and life assurance policies.
Stamp Duty Links - by state