Australian Taxation: All You Need to Knowby Julia Lopez Student
Taxation process differs from country to country. Australia is one of the leading tax generating countries in the world. Taxation can be easily understood as the process through which the government brings about revenue that is next spent on the advancement of the infrastructure. Over and above, government tends to use taxation as an effective instrument and tool to foster or block any economic decision. The taxation structure and policy tends to vary with countries. Australian taxation is quite dissimilar from the taxation structure of the countries like the UK and US. It has different tax policies and structure.
Different forms of taxes in Australia
- Property Taxes- Property taxes in Australia comprise taxes on the mercantile, residential, trade, and industrial properties. The government also charges a certain tax on the exchange or transfer of land as well as the parallel transactions. State governments highly rely on the property taxes to carry out numerous activities which stream a high level of funds.
- Payroll taxes – The payroll taxes are imposed upon the citizens by the state government. The rate of payroll taxes tends to differ under contrasting circumstances.
- Capital Gain Taxes- In Australia, a citizen needs to pay capital gain tax on the phase-out and transfer of any asset leaving some exceptions.
- Excise tax -Excise taxes are imposed by the federal government on things like alcohol, petrol, and cigarettes etc. which are known as inelastic goods. This is so because the demand for these goods is always stagnant without any impact of the change in price.
- Personal Income Taxes- The income tax in Australia is levied upon an individual instead of the family as a whole. The amount of personal income depends upon the size and level of income of an individual.
- Goods and Services Taxes - The Australian government generally imposes 10% tax on the supply of certain goods and services in the economy. The goods and services tax is usually imposed upon the individuals who are recorded and registered for GST. However, the materials such as food products, medical aids/services, and educational services are drawn off from paying the Goods and Services Tax.
Types of taxation courses in Australia
Students in Australia are preferring enrollment in such taxation courses in order to gain more knowledge over it. Any student can take up different Australian taxation courses with an aim to pitch him or herself within this field. There are numerous different courses like Mater of Taxation, Graduate Diploma in Taxation and much more from the prestigious universities like University of Sydney, University of Melbourne and Curtin University etc. Different stages of these courses tend to offer a plethora of career options for the students. A career in taxation surely promises a student bright opportunities.
Studying Australian taxation is not at all an easy or simple piece of academic task. It requires sound knowledge and research skills to do well. For more information on Australian taxation or to get professional Australian taxation assignment help, you can always connect to EssayCorp.
Created on Jan 20th 2019 01:13. Viewed 253 times.
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