AN OVERVIEW OF AUSTRALIAN TAX

Course overview

This course provides a foundational overview of the Australian tax system, including the roles of the federal and state governments, tax types, and key concepts such as residency, income tax, GST, and business structures. It equips accountants, bookkeepers, and tax professionals with essential knowledge to navigate tax obligations and compliance in both individual and business contexts.

Course objectives:
– Provide a broad overview of how taxation operates in Australia at the federal and state levels.
– Identify the major types of taxes in the Australian system (e.g. income tax, GST, FBT) and who they affect.
– Explain the roles of key institutions (such as the Australian Taxation Office) in tax collection and enforcement.
– Outline basic tax obligations for individuals and businesses, including how and when taxes are reported and paid.

Learning outcomes:
– Distinguish between different levels of taxation (federal vs state) and their respective tax instruments.
– Describe how income tax is applied to individuals (residents vs non-residents) and companies, including key rates and thresholds.
– Recognise indirect taxes such as GST and FBT, and understand their purpose and how they operate.
– Identify various taxpayer entities (individuals, companies, trusts, partnerships) and summarise how each is taxed under Australian law.
– Understand the annual tax cycle and compliance timeline, including key dates for tax lodgement and payment.