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A capital gains tax (CGT) was introduced in Australia on 20 September 1985, one of a number of tax reforms by the Hawke/Keating government. The CGT applied only to assets acquired on or after that date, with gains (or losses) on assets owned on that date, called pre-CGT assets, not being subject to the CGT.
South Australia was the first Australian state to introduce a land tax, based on the unimproved capital value of land, in 1884. [6] [7] In 1910, George Allen (first secretary to the Treasury) founded the Land Tax Office to service land taxes at the federal level as a form of wealth tax and as a means to break up large tracts of underutilised land.
Payroll tax is a general purpose tax assessed on the wages paid by an employer in Western Australia. The tax is self-assessed in that the employer calculates the liability and then pays the appropriate amount to the Office of State Revenue, by way of a monthly, quarterly or annual return. From 1 July 2014: [32] The rate of payroll tax is 5.5%.
You can sell your primary residence and avoid paying capital gains taxes on the first $250,000 of your profits if your tax-filing status is single, and up to $500,000 if married and filing jointly.
The New South Wales Land and Property Information (NSW LPI), a division of the Department of Finance, Services and Innovation in the government of New South Wales, was the division responsible for land titles, property information, valuation, surveying, and mapping and spatial information in the Australian state of New South Wales.
The Valuer General is responsible for standards and policy in relation to the land valuation system and determining compensation for the acquisition of properties and monitors the quality of the value of land and services to the community by Property NSW. [1] The Office of the Valuer General provides day-to-day support to the Valuer General.
Revenue NSW is an administrative division of the Government of New South Wales that has responsibility for collecting New South Wales taxes. It was rebranded from the Office of State Revenue (OSR) and its fines division the State Debt Recovery Office (SDRO) on 31 July 2017. [ 1 ]
Income tax on personal income is a progressive tax. The rates for resident individual taxpayers are different from those for non-resident taxpayers (see below). The current tax-free threshold for resident people is $18,200, and the highest marginal rate for individuals is 45%.