StudentShare solutions
Triangle menu

Australian Taxation system - Essay Example

Not dowloaded yet

Extract of sample
Australian Taxation system

There are also state governments which control taxation taking place in the several states that are in the country. The last system of government present in Australia is the local governments. According to Macfarlane in his book “Australian Monetary Policy in the Last Quarter of the Twentieth Century”, it is evident that Australia has low taxation rates (Macfarlane 1998). Despite lower taxation rates, the governments still struggle to control the taxation system. Several forms of taxation exist in Australia. These include personal income taxes, capital gains taxes, fringe benefits, taxes, customs duty taxes, corporate taxes and goods and services taxes just to name a few of all the existing forms of taxes. As testified in the sections of the Australian constitution, all individuals both working and non-working and also companies are forced to pay taxes to all the levels of government: the federal government, the state governments and the local governments. Among the national duties that the Australian government accomplishes with the income generated from taxation include the offering of services to the public and paying the public servants. The federal government often collects taxes from individuals and companies through the Australian Taxation Office which is an organization that helps the federal government collect revenue which is further paid to the various states. Australia as earlier mentioned has several forms of taxation....
Income taxes are the backbone of the Australian economy since they are the most critical and important source of revenue for the federal government. Provides income tax revenue that the federal government uses to make or accomplish several important tasks. It is also important to note that income taxation in Australia is done on individuals with constant income. Thus, the individuals depending on the working generation which mostly comprises of the young children and older do not pay income tax. In the words of Cortese C and Glynn J, in his journal “Taxation and the Australian Superannuation System”, “personal income tax in Australia is done on individuals and not on groups, families, organizations or companies” (Cortese and Glynn). Another form of taxation is the goods and services tax. In this form of taxation, the federal government often imposes value added tax on goods and services offered and provided all over the country. Business people in Australia posses retail shops, wholesale shops, hardware shops and even supermarkets. In these businesses, when an individual buys goods for example clothes, food or any other stuffs, there are tax imposed on him or her. Like in other countries, small business men and women sell their goods and services directly to their customers. When the customers purchase the goods, value added tax is imposed on them. Though tax on goods and services is not much as the personal income tax, it also acts as a source of revenue for the federal government in Australia. The income got from the goods and services taxation by the local government is later distributed to the state governments which the state governments use to run their duties. Consequently, corporate tax is another form of taxation in Australia. ...Show more

Summary

Research done in several Australian newspapers has testified that taxation is the backbone of the Australian economy. The country’s system of government is divided into the federal government which controls all taxations that take place in the country. …
Author : oratke
Australian Taxation system essay example
Read Text Preview
Save Your Time for More Important Things
Let us write or edit the essay on your topic
"Australian Taxation system"
with a personal 20% discount.
Grab the best paper

Related Essays

The U.K taxation system
This research aims to evaluate and present the comparison of the progressivity of incoming tax and corporation tax in the United Kingdom. The discussion will also attempt to address the primary question framed as follows: For income and corporation tax, identify who is responsible for notification of income and payment of tax and when? Has United Kingdom felt the need to respond to competitive pressures and how?
11 pages (2750 words) Essay
Taxation Law Essay
The following discourse is on Australian taxation laws. The focus is a case study on Stephanie. Most of the countries fund their operations from revenues collected through taxation. This tax is imposed on various activities undertaken by the citizens of the state and among the category of this source of tax is the income tax.
9 pages (2250 words) Essay
Taxation Law: Australian Foreign Income Laws
No matter how the government would like to ease off the tax burden on individuals and firms, the government must also be considerate of the fact that it does not want to lose its revenues as it needs these revenues to finance the local infrastructure.
7 pages (1750 words) Essay
International Taxation Issues
The income in relation to Iberican operation is only from the sale of the manufactured goods. 2) If it was decided to establish an Australian company, to be the investor of the Iberican operations, advise how the taxation implications change if either an Iberican branch or subsidiary was established.
7 pages (1750 words) Essay
Taxation System of UK
Secondly the tax payer must be sure of what he is going to pay, for what reason, the amount and so on. Thirdly the payment of tax must be convenient to the tax payer. For example, quarterly payment of taxes must be arranged in a manner that the tax payer knows when it is due.
10 pages (2500 words) Essay
Taxation Law
In this paper, the rights and powers of Australian Taxation Office has been compared with that of two countries, i-e; United States and Germany the similarities and differences between them has been analysed. The main function of Australian Tax Office (ATO) is to administer legislation imposing taxes and excise (other than customs duty).
20 pages (5000 words) Essay
Australia taxation law
This website contains all forms required, legal ramifications and case law, and calculators used to complete calculations required in different portions of the tax forms (such as depreciation calculations.) The success of this case study can be measured by what tools were used to identify and calculate requirements and the computation of the final tax levied.
9 pages (2250 words) Essay
Australian Health Care System
The Australian health care system is second to none in imparting services to the vulnerable immigrants and refugees. By focusing on health care for the immigrants those in charge of the Australian health care system are not only providing the most basic services to the community but are also proving their vigilance is constant and foolproof.
7 pages (1750 words) Essay
Henry inquiry into taxation and the report recommendation
The main implications of a future taxation Reform concern social, economical and environmental areas. Henry Report has been focused on four main areas of potential tax rising, such as personal income tax, business
2 pages (500 words) Essay
Taxation
It is liability to the company since it has a negative implication on financial statement of the company. The amount of tax payable by companies is dependable on the size of the firm’s income revenue. To ascertain the impact of taxation on financial statement, this project
11 pages (2750 words) Essay
Get a custom paper written
by a pro under your requirements!
Win a special DISCOUNT!
Put in your e-mail and click the button with your lucky finger
Your email
YOUR PRIZE:
Apply my DISCOUNT
Comments (0)
Rate this paper:
Thank you! Your comment has been sent and will be posted after moderation