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Income tax in Australia is levied under two heads name as ordinary income and statutory income. The taxation period starts from 1st July to 30th June.
Ordinary Income includes Income from Employment, Income from Business, and Income from House Property. Statutory income includes all the other income of an individual which is not included in ordinary income like income from capital gain. The tax charged on the Individual is on the basis of progressive tax system. The tax rates are different for tax residents and for non residents.
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