32 | AUSTRALIA ECONOMY
REPORT
2011 GDP per capita (purchasing power parity) Country Australia US UK
France China India
Amount in USD $40,847 $48,442 $35,494 $34,993 $8,466 $3,652
Australia GDP per capita PPP (USD)
50,000 40,000 30,000 20,000
10,000 0
Australia
Current account balance ($ billions)
Public debt as % of GDP
Inward
Investment ($ billions)
Electricity per capita (watts/p)
Water
per capita (m3/inhabitant/year)
Workforce (millions)
Unemployment % 1,149 12.27 5.2 TAX Rates Tax as percentage of GDP 0 - $18,200
$18,201 - $37,000 $37,001 - $80,000
Income Tax
$80,001 - $180,000 $180,001 and over
Company Tax 30% 30.8 Nil
19c for each $1 over $18,200 $3,572 plus 32.5c for each $1 over $37,000
$17,547 plus 37c for each $1 over $80,000
$54,547 plus 45c for each $1 over $180,000
/ VAT 10% Known as the Goods and Services Tax (GST). Capital Gains Tax Part of the income tax system rather than a separate tax.
Net capital gains (after concessions are applied) are included in a taxpayer’s taxable income and taxed at marginal rates.
Inheritance Tax N/A
Assets acquired from an estate may become subject to Capital Gains Tax.
The rate varies for foreign residents. E.g. for earners of 0 - $80,000, the rate is 32.5c for each $1
Notes (2012 fi gure) - 228.3 9.5 212.5 31.72 8.1 1,550 153.6 9 414.6 795.5 6.5 644 487.6 9.8 455.5 75.3 6.6 598.7 1,131 - 688 1,201 631 2,577 1,363 711.8 397 232.7 85 546.2 683 -47.1 26.9 -
www.opp-connect.com | APRIL 2013
EU
UK
US
China -32.72 -46.04 -465.9 201.7 85.3 67.8 43.5
India -46.91 50.5
Russia 100.3 8.3
Property Purchase Tax
Ranges from 1% to 6.75% based on the value of property
Varies from state to state
Annual Property Tax
Known as Land Rates; the value of the land determines the total charges.
Frequency and payment is determined by the local council
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