This page contains Australian-tax related links and texts.
Tax in Australia is administered by Australian Tax Office (site).
Individuals have to submit the tax return to ATO at the end of the financial year - end of June. Returns can be submitted electronically through e-Tax software, available at the ATO web site (here).
For taxation related to trading, read a post on the Finance blog - here.
On 13 May 2008 the Australian Government announced the review of Australia's tax system. To read more about this initiative for the new tax system and a good overview of the existing tax system, visit Australia's future tax system web site (link).
In Australian tax system, the tax that a company pays is passed to the shareholders. This only works for Australian residents for tax purposes. Foreign shareholders can not claim franking credits.
As a simplified example, let's say the company paid taxes on all of its income. Company tax is 30%. If this company pays a dividend of $10, it will also pass on the 30% of that ($3) in the form of tax credit. This is not cash money but can be claimed from the Tax Office by an Australian tax resident at the end of the financial year.
Read more at Franking Credits site.