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Economic growth and increased living standards have not come at the expense of prudent economic management; in fact, Australia has a healthy budgetary position – with low government debt and a diminishing current account deficit, thanks to increasing competition, new investment and the diversification of Australia’s export base Rates of unemployment in Australia are generally at an all-time low in Australia Some Popular Online Job Websites Careerone JobsDB Jobnet Mycareer Australia has a well-established social security system which provides income support and services for those who are in need. The types of benefits provided include sickness, unemployment and study assistance. Healthcare System Health care in Australia is made up of a combination of private and public systems. Permanent residents receive immediate entitlement to public healthcare, administered through a government scheme called Medicare. This is an Australia-wide health insurance scheme, funded through income tax. Temporary visa holders are generally not covered by Medicare - the public healthcare system in Australia - or entitled to Australian social security benefits. It is therefore essential to have adequate health insurance and sufficient funds to support yourself during your stay in Australia. Housing Buying a Second-Hand Property: Buying by private sale means you buy the property at the advertised price or you negotiate the price with the vendor, usually through the vendor's agent.Building your Own Home: There are a number of alternatives to choose from when considering building your own home. These range from House and Land packages to Custom built homes. Renting a Property: Real estate agents in Australia manage properties (houses, units and apartments) on behalf of the owners. Lists of 'properties to rent' are available in daily newspapers, from real estate offices or online. The majority of rental properties in Australia are unfurnished. In most cases, you will be required to sign a lease, which is a commitment to rent the property for a minimum period, usually 12 months. NOTE: If you are a temporary resident, there may be restrictions on purchasing a house or land. For more information on this, visit the Foreign Investment Review Board website Taxation System Australia's taxation system is complex, however the main types of tax are: Income Tax: If you draw a salary as a director or employee of your business, you will be liable for personal income tax. Beyond the tax-free threshold, you will be taxed according to marginal rates of taxation. Capital Gains Tax: Capital gains arising from the disposal of assets are, in most cases, treated as income and subject to Capital Gains Tax (CGT). The rate of CGT may be reduced where the asset has been held longer than 12 months before disposal. Goods and Services Tax (GST): GST is a value-added tax charged at a flat rate of 10% and is levied on the supply of goods and services that are connected with Australia. There are some exemptions in relation to the supply of certain goods and services. Registered suppliers can claim an input tax credit (a GST refund) for the GST component of goods and services acquired in the course of carrying out their business. Double Taxation Agreements: Australia has a number of Double Taxation Agreements with a number of other countries. These agreements mean that, in most cases, tax is imposed only by the country of residence of the taxpayer. You will generally be considered a resident of Australia for tax purposes if you do not have a permanent place of abode outside Australia and you spend 183 days or more in any one tax year in Australia. For more information, visit the Australian Taxation Office or see a taxation specialist or accountant |
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