An Overview On The Taxation System Of Australia

Population in Australia is not so large and keep maintain good economy

. Office of Australian taxation is the pillar of tax in Australia. Australia taxation office is a part of the government which collects or to gather taxes of all companies, firms and from individuals. But the main source of tax is income taxes from individual and further these taxes find a useful purpose for the government to give it or to pay it for transfer payments services and public services.

Not only from the income tax but Australian government also charges on gain from the transfer of state or capital assets. This type of tax is known or called as Capital Gains tax. However not all the properties is source of tax and the one of this property is residential house. There are some more assets except residential house which dont need to pay any tax and these assets are -

-The total property which have been to get before 20th September 1985 and the reason behind it is these properties are known as CGT property.

- Personal movable consequence of the property or assets which werent acquired more than $10000.

- If any capital and state losses the assets.

- Mainly insurances for life if surrendered or sold etc.

- 50% is discounted from the sale of state and capital assets for the computation of Common Gain Tax.

Corporate tax is another type or kind of tax of in Australia which is collected from all companies. The rate on the corporate level tax is 30% flat on the income which is further to be divided between the shareholders. However there is no need to pay corporate tax for partnership firms. Only those companies need to pay tax who have own entities

VAT (value added tax) system is also applies by the office of Australian taxation services on services and goods. There are more forms of taxes like car tax and customs.

In Australia the tax is returns generally on October 31 and June 30 in the same year. Financial year is run from the start of the July and end on the last of June. On the other side in USA financial year runs from the start of October to the end of September. When the tax is given by an agent then there is a possibility of extension. The tax returns might be submitted by electronically and post.

Australian businesses are required to pay or give taxes at local level, state level and at the level of federal governments also. With the help of these taxes public services like roads and hospital system are maintained and established.

Income tax is placed by the Government of Australia and so it is consistent in all capitals and states. The income tax of any normal person is completely different from the company income tax. The corporate tax in Australia is fixed at 30% and is similar in the other countries comprised Mexico, Turkey, New Zealand and united states. More information about Tax Services Australia is available online.

by: Anthony Davis

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