Financial Planning: Australian Tax

Australian Income Tax

Income tax in Australia is imposed by the Federal Government on the taxable income of individuals and corporations. All individuals who earn income in Australia generally pay income tax, unless their income is below a certain threshold or their income is exempt from tax. 

Income tax can be charged on:

  • salary and wages
  • self-employed income
  • investment income

Individual tax income rates are published on the Australian Taxation Office's website. 

Regulators

FASEA Standards Authority

fasea logo

The Financial Adviser Standards and Ethics Authority (FASEA) sets the education, training and ethical standards of licensed financial advisers in Australia. The organisation is charged with implementing the Corporations Amendment (Professional Standards of Financial Advisers) Act 2017, to raise the education, training, and ethical standards of financial advisers by requiring relevant providers to hold a degree or higher, or equivalent qualification.  

Investment and Money Management

MoneySmart is a website run by the Australian Securities and Investment Commission (ASIC) to help people learn about and control their finances. It offers free advice regarding:moneysmart logo

  • losing your job;
  • divorce or separation;
  • having a baby;
  • buying a house;
  • losing your partner.

  The website is one of the key initiatives in the National Financial Capability Strategy