subject: Know More About Australia Taxation [print this page] In Australia, there is a lot of kind of taxation. The companies as well as Individuals are required to pay these taxes to all the governments and that is state government or central government. The main of taxes is redistribution of economic wealth. The taxes are the biggest source of income to the Australian government, this is mainly because of the reason that everyone has to pay taxes to the government in Australia, and these taxes are of several types. Australia Taxation includes property tax, income tax, value added tax and lot of other taxes but these three contributes widely in collection of funds by the government in order to effectively run the nation. Actually, income taxes are collected by the federal government with the help of taxation offices. The Australian federal government collects the GST revenue and after this, these are paid to the state. The formula of distribution is as per that is determined by the common wealth grants commission. There are a lot of tax services Australia and their motive is to help people in effectively paying the tax. As in Australia, everyone has to pay tax so it becomes quite difficult for the government to put efforts to collect the tax from every citizen and thus a few services there which help the government in this matter. The tax services offer tax services to businessmen, individuals as well as investors across Australia. Any can benefit from these services and very easily access to the strategies of tax. The tax services in Australia are commonly called as ATS. A lot of tax services in Australia are continuously helping people for a longer period to increase their after tax returns. The Australian taxation services are quite famous in entire Australia.
It is widely considered that the Australia has plausible system of tax. Australia is such a country where people have to pay tax when they gain from the transfer of any kind of capital assets. This kind of tax is commonly called as the capital gain tax. In Australia the residential houses doesnt come under this tax and in addition to this there are some of the other things as well that doesnt come under this tax and these are insurance when sold, all the assets that were acquired before the September 1985 as in Australia they are commonly treated as pre capital gain tax. In Australian tax system, not all the taxes are same and they vary highly. Some tax is more or less as compare to another. The corporate tax is 30 % flat on the net income. The goods and service tax is about 10 %. The tax that is quite higher in Australia is luxury tax which the people have to pay on all their luxury items such as luxury cars, homes etc. The Australian taxation services are considered as one of the best taxation system.
