The Economy

Australia has a free market economy with a skilled workforce. Australia’s economy relies heavily on the primary industries like mining and farming.

However, manufacturing and service industries are also important.

The unit of currency is the Australian dollar. Foreign currency can be converted at currency exchanges at the airport and at most banks but you will need to show your passport or travel documents.

TAXATION

Taxes are paid on income earned, such as, a salary from a job, businessearnings and interest earned on money deposited in a bank. Taxes are collected by the Australian Government and are used to provide welfare
services, income support, roads and health services and other services and infrastructure. States and territories also collect taxes called stamp duties on certain transactions and services. This money goes into funding state and territory services and infrastructure.
Everyone receiving income or financial support from the government is required to apply for a Tax File Number from the Australian Taxation Office (ATO).
The Australian tax year runs from July to June. Under Australian law most people are required to lodge a tax return each year.

More information on taxation can be obtained from the ATO website:
www.ato.gov.au or by calling 132 861 to make an 

appointment at an ATO office nearest to you. Tax Help is a free service available from 1 July to 31 October
each year and can help people from non-English speaking backgrounds complete their tax returns: phone 13 2861

Superannuation

Superannuation is a savings programme that helps workers to have money to live on when they retire. Almost every employed person in Australia must join a
superannuation fund and employers are required by law to contribute to an employee’s super fund. This is known as the Employer Superannuation Guarantee contribution.

Further information on superannuation and taxation is available from the
Australian Taxation Office.

Telephone: 132 861
Online: www.ato.gov.au.