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Taxation In Australia
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission. Australia maintains a relatively low tax burden in comparison with other wealthy, developed nations, at 27.8% of GDP in 2018. History When the first Governor, Governor Phillip, arrived in New South Wales in 1788, he had a Royal Instruction that gave him power to impose taxation if the colony needed it. The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import duties were put on spirits, wine and beer and later on luxury goods. After 1824 the Government of New South Wales raised extra revenue from customs and excise duties. These were the most important sources of revenue for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tax Revenue As A Percentage Of GDP (1985-2014)
A tax is a compulsory financial charge or some other type of levy imposed on a taxpayer (an individual or legal entity) by a governmental organization in order to fund government spending and various public expenditures (regional, local, or national), and tax compliance refers to policy actions and individual behaviour aimed at ensuring that taxpayers are paying the right amount of tax at the right time and securing the correct tax allowances and tax reliefs. The first known taxation took place in Ancient Egypt around 3000–2800 BC. A failure to pay in a timely manner ( non-compliance), along with evasion of or resistance to taxation, is punishable by law. Taxes consist of direct or indirect taxes and may be paid in money or as its labor equivalent. Most countries have a tax system in place, in order to pay for public, common societal, or agreed national needs and for the functions of government. Some levy a flat percentage rate of taxation on personal annual income, but mos ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
William McMahon
Sir William McMahon (23 February 190831 March 1988) was an Australian politician who served as the 20th Prime Minister of Australia, in office from 1971 to 1972 as leader of the Liberal Party. He was a government minister for over 21 years, the longest continuous ministerial service in Australian history. McMahon was born and raised in Sydney, and worked as a commercial lawyer before entering politics. He served in the Australian Army during World War II, reaching the rank of major. After the war's end he returned to university to complete an economics degree. McMahon was elected to the House of Representatives at the 1949 federal election. Robert Menzies promoted him to the ministry in 1951 and added him to cabinet in 1956. He held several different portfolios in the Menzies Government, most notably as Minister for Labour and National Service from 1958 to 1966. In that capacity, he oversaw the reintroduction of conscription in 1964. In 1966, Menzies retired and was rep ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Death Duty
An inheritance tax is a tax paid by a person who inherits money or property of a person who has died, whereas an estate tax is a levy on the estate (money and property) of a person who has died. International tax law distinguishes between an estate tax and an inheritance tax—an estate tax is assessed on the assets of the deceased, while an inheritance tax is assessed on the legacies received by the estate's beneficiaries. However, this distinction is not always observed; for example, the UK's "inheritance tax" is a tax on the assets of the deceased, and strictly speaking is therefore an estate tax. For historical reasons, the term death duty is still used colloquially (though not legally) in the UK and some Commonwealth countries. For political, statutory and other reasons, the term death tax is sometimes used to refer to estate tax in the United States. Varieties of inheritance and estate taxes * Belgium, droits de succession or erfbelasting (Inheritance tax). Collected at ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Gains Tax
A capital gains tax (CGT) is the tax on profits realized on the sale of a non-inventory asset. The most common capital gains are realized from the sale of stocks, bonds, precious metals, real estate, and property. Not all countries impose a capital gains tax and most have different rates of taxation for individuals versus corporations. Countries that do not impose a capital gains tax include Bahrain, Barbados, Belize, Cayman Islands, Isle of Man, Jamaica, New Zealand, Sri Lanka, Singapore, and others. In some countries, such as New Zealand and Singapore, professional traders and those who trade frequently are taxed on such profits as a business income. In Sweden, the Investment Savings Account (ISK – ''Investeringssparkonto'') was introduced in 2012 in response to a decision by Parliament to stimulate saving in funds and equities. There is no tax on capital gains in ISKs; instead, the saver pays an annual standard low rate of tax. Fund savers nowadays mainly choose to save in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Financial Year
A fiscal year (or financial year, or sometimes budget year) is used in government accounting, which varies between countries, and for budget purposes. It is also used for financial reporting by businesses and other organizations. Laws in many jurisdictions require company financial reports to be prepared and published on an annual basis but generally not the reporting period to align with the calendar year (1 January to 31 December). Taxation laws generally require accounting records to be maintained and taxes calculated on an annual basis, which usually corresponds to the fiscal year used for government purposes. The calculation of tax on an annual basis is especially relevant for direct taxes, such as income tax. Many annual government fees—such as council tax and license fees, are also levied on a fiscal year basis, but others are charged on an anniversary basis. Some companies, such as Cisco Systems, end their fiscal year on the same day of the week each year: the day ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
World War II
World War II or the Second World War, often abbreviated as WWII or WW2, was a world war that lasted from 1939 to 1945. It involved the vast majority of the world's countries—including all of the great powers—forming two opposing military alliances: the Allies and the Axis powers. World War II was a total war that directly involved more than 100 million personnel from more than 30 countries. The major participants in the war threw their entire economic, industrial, and scientific capabilities behind the war effort, blurring the distinction between civilian and military resources. Aircraft played a major role in the conflict, enabling the strategic bombing of population centres and deploying the only two nuclear weapons ever used in war. World War II was by far the deadliest conflict in human history; it resulted in 70 to 85 million fatalities, mostly among civilians. Tens of millions died due to genocides (including the Holocaust), starvation, massa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Carbon Pricing In Australia
A carbon pricing scheme in Australia was introduced by the Gillard Labor minority government in 2011 as the '' Clean Energy Act 2011'' which came into effect on 1 July 2012. Emissions from companies subject to the scheme dropped 7% upon its introduction. As a result of being in place for such a short time, and because the then Opposition leader Tony Abbott indicated he intended to repeal "the carbon tax", regulated organisations responded rather weakly, with very few investments in emissions reductions being made. The scheme was repealed on 17 July 2014, backdated to 1 July 2014. In its place the Abbott Government set up the Emission Reduction Fund in December 2014. Emissions thereafter resumed their growth evident before the tax. The carbon price was part of a broad energy reform package called the Clean Energy Futures Plan, which aimed to reduce greenhouse gas emissions in Australia by 5% below 2000 levels by 2020 and 80% below 2000 levels by 2050. The plan set out to achie ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Account Debits Tax
Bank account debits tax (BADT or BAD) was an Australian bank transaction tax levied on customer withdrawals from bank accounts with a cheque facility (both withdrawals made by cheque or by another means, such as EFTPOS). The tax was introduced by the federal government in 1982. The power to levy the tax was transferred to the states in 1990, except for Norfolk Island which did not charge it. The tax was abolished by the states on dates between 1 July 2002 and 1 July 2005 as part of the package of reforms for the introduction of the goods and services tax. The financial institutions duty was also abolished as part of this package. The tax was based on the amount withdrawn, and varied by state. The final rates were per the following table. :{, class="wikitable" , , Tas , ACT, NT, NSW, Qld, SA, Vic, WA , - , less than $1 , , nil , , nil , - , $1 to less than $100 , , $0.15 , , $0.15 , - , $100 to less than $500 , , $0.35 , , $0.70 , - , $500 to less th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Capital Gains Tax In Australia
Capital gains tax (CGT), in the context of the Australian taxation system, is a tax applied to the capital gain made on the disposal of any asset, with a number of specific exemptions, the most significant one being the family home. Rollover provisions apply to some disposals, one of the most significant of which are transfers to beneficiaries on death, so that the CGT is not a quasi estate tax. CGT operates by treating net capital gains as taxable income in the tax year in which an asset is sold or otherwise disposed of. If an asset is held for at least 1 year then any gain is first discounted by 50% for individual taxpayers, or by 33.3% for superannuation funds. Capital losses can be offset against capital gains. Net capital losses in a tax year cannot be offset against normal income, but may be carried forward indefinitely. Personal use assets and collectables are treated as separate categories and losses, which are quarantined so they can only be applied against gains in the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gough Whitlam
Edward Gough Whitlam (11 July 191621 October 2014) was the 21st prime minister of Australia, serving from 1972 to 1975. The longest-serving federal leader of the Australian Labor Party (ALP) from 1967 to 1977, he was notable for being the head of a reformist and socially progressive administration that extraordinarily ended with his removal as prime minister after controversially being dismissed by the governor-general of Australia, Sir John Kerr, at the climax of the 1975 Australian constitutional crisis. Whitlam is the only Australian prime minister to have been removed from office. Whitlam served as an air navigator in the Royal Australian Air Force for four years during World War II, and worked as a barrister following the war. He was first elected to the Australian House of Representatives in 1952, becoming a member of parliament (MP) for the division of Werriwa. Whitlam became deputy leader of the Labor Party in 1960, and in 1967, after the retirement ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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