A1A.363.

Income and capital gains taxes levied on individuals (TC 11) consists of taxes levied on the net income of, and capital gains made by, resident households, individual proprietorships and partnerships. This category is further classified into:

• personal income tax (TC 111);
• government health insurance levy (TC 112);
• mining withholding tax (TC 113);
• capital gains tax on individuals (TC 114);
• prescribed payments by individuals (TC 115);
• fringe benefits tax (TC 116); and
• income and capital gains taxes levied on individuals not elsewhere classified (TC 119).

A1A.364.

Personal income tax (TC 111) consists of taxes levied on the net income or profits (that is, gross income minus allowable tax deductions) of individuals. Such taxes are usually levied on the total declared or presumed income from all sources of the person concerned including compensation of employees (such as wages, salaries, tips, fees, commissions and fringe benefits), property income (such as interest, dividends, rent and royalty incomes) and pensions (such as taxable portions of social security, pension, annuity, life insurance and other retirement benefit distributions) after deducting certain allowances in accordance with tax laws.

Includes: Personal income tax deducted by employers; taxes on the income of the owners of unincorporated enterprises; income taxes on the income of family estates and trusts where the beneficiaries are individuals.

A1A.365.

Government health insurance levy (TC 112) consists of a tax on the income of taxpayers who do not have other health insurance cover, to finance the payment of Commonwealth medical and hospital benefits (Medibank in operation during the period 1 October 1976 to 1 November 1978, Medicare from 1 February 1984).

A1A.366.

Mining withholding tax (TC 113) consists of income tax on royalty payments made after 30 June 1979 to Aboriginal people and Aboriginal groups and bodies, in respect of mining and exploration activities on Aboriginal land. Whilst the liability for the tax rests with the Aboriginal people, the tax payable is deducted from the mining royalty payments and paid directly by the mining companies involved.

A1A.367.

Capital gains tax on individuals (TC 114) consists of taxes levied on capital gains made by resident households, individual proprietorships and partnerships. They are usually payable on nominal, rather than real, capital gains and on realised, rather than unrealised, capital gains.

A1A.368.

Prescribed payments by individuals (TC 115) consists of taxes collected from individuals by the Commonwealth under the Prescribed Payments System (PPS). The PPS was an income tax collection system that applied to certain industries. Under the PPS, employers were obliged to deduct specific amounts of tax from payments made to sub-contractors. The PPS was incorporated into the Pay-as-you-go taxation system which was introduced in July 2000.

A1A.369.

Fringe benefits tax (TC 116) consists of taxes collected from employers in relation to fringe benefits accruing to employees.

A1A.370.

Income and capital gains taxes levied on individuals not elsewhere classified (TC 119) consists of income taxes levied on individuals other than personal income tax, the government health insurance levy, mining withholding tax, capital gains tax, prescribed payments by individuals and fringe benefits tax.

Includes: Taxes on winnings from lotteries or gambling; amounts collected from non-custodial parents under child support legislation.

A1A.371.

Income and capital gains taxes levied on enterprises (TC 12) consists of taxes levied on the net profits and capital gains made by resident trading and financial enterprises. This category is further classified into:

• company income tax (TC 121);
• income tax paid by superannuation funds (TC 122);
• capital gains taxes on enterprises (TC 123);
• prescribed payments by enterprises (TC 124);
• income and capital gains taxes levied on enterprises not elsewhere classified (TC 129).

Excludes: Taxes assessed on gross sales or turnover.

A1A.372.

Company income tax (TC 121) consists of taxes levied on the net income or profits (that is, gross income minus allowable tax deductions) of trading and financial enterprises.

Includes: Mineral Resource Rent Tax; Petroleum Resource Rent Tax.

A1A.373.

Income tax paid by superannuation funds (TC 122) consists of taxes levied on the profits made by superannuation funds. The tax varies according to the portfolio mix chosen by the fund. Superannuation funds investing in government securities are subject to lower tax assessment and may be exempt under certain circumstances.

A1A.374.

Capital gains taxes on enterprises (TC 123) consists of taxes levied on capital gains which form part of the taxable income of trading and financial enterprises. They are usually payable on nominal, rather than real, capital gains and on realised, rather than unrealised, capital gains.

A1A.375.

Prescribed payments by enterprises (TC 124) consists of taxes collected from enterprises by the Commonwealth under the Prescribed Payments System (PPS). The PPS was an income tax collection system that applied to certain industries. Under the PPS, employers were obliged to deduct specific amounts of tax from payments made to sub-contractors. The PPS was incorporated into the Pay-as-you-go taxation system which was introduced in July 2000.

A1A.376.

Income and capital gains taxes levied on enterprises not elsewhere classified (TC 129) consists of income and capital gains taxes levied on enterprises that cannot be classified to company income tax (TC 121), income tax paid by superannuation funds (TC 122), capital gains taxes on enterprises (TC 123) or prescribed payments by enterprises (TC 124).

A1A.377.

Income taxes levied on non-residents (TC 13) consists of taxes specifically levied on non-residents (either individuals or corporations) on income derived in Australia. This category is further classified into:

• dividend withholding tax (TC 131);
• interest withholding tax (TC 132); and
• income taxes levied on non-residents not elsewhere classified (TC 139).

A1A.378.

Dividend withholding tax (TC 131) consists of taxation payments by companies levied on dividends accruing to non-residents of Australia.

A1A.379.

Interest withholding tax (TC 132) consists of taxation payments by companies levied on interest accruing to non-residents of Australia.

A1A.380.

Income taxes levied on non-residents not elsewhere classified (TC 139) consists of income taxes levied on non-residents other than dividend and interest withholding taxes.

Excludes: Withholding tax on royalties (classified to taxes on the use of goods and performance of activities levied on non-residents (TC 536)).