<Ul> <Li> </Li> <Li> </Li> <Li> </Li> </Ul> <P> Income tax in Australia is imposed by the federal government on the taxable income of individuals and corporations . State governments have not imposed income taxes since World War II . On individuals, income tax is levied at progressive rates, and at one of two rates for corporations . The income of partnerships and trusts is not taxed directly, but is taxed on its distribution to the partners or beneficiaries . Income tax is the most important source of revenue for government within the Australian taxation system . Income tax is collected on behalf of the federal government by the Australian Taxation Office . </P> <P> The two statutes under which income tax is calculated are the Income Tax Assessment Act 1936 and the Income Tax Assessment Act 1997; the former is gradually being re-written into the latter . Taxable income is the difference between assessable income and allowable deductions . There are three main types of assessable income for individual taxpayers: personal earnings (such as salary and wages), business income and capital gains . Taxable income of individuals is taxed at progressive rates from 0 to 45%, plus a Medicare levy of 2%, while income derived by companies is taxed at either 30% or 27.5% depending on annual turnover . Generally, capital gains are only subject to tax at the time the gain is realised and are reduced by 50% if the capital asset sold was held for more than 1 year . </P> <P> In Australia the financial year runs from 1 July to 30 June of the following year . </P>

What percentage of income is taxed in australia
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