Australian Taxation, Its Concepts and Structures

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Taxation is a medium through which government access its expenditure by imposing diverse charges on citizens and companies. A tax is an amount which is to be paid to the government, which is subjective to government’s decision. Citizens does not have any choice to decide what they wish to pay and what not, the ruling government of the country analyses the need for those taxes and then set a standard figure for calculating taxes. These taxes are levied so that the government is able to collect money in order to sustain all the expenses.

Let’s define Australian taxation.

Australian taxation is divided into two taxes that are direct and indirect. All the Australian taxpayer’s are under an obligation to pay these taxes. The taxes are levied or collected for public good or we can say for all the works required to be done for public services and economic development of the country. According to a study, Income taxes are the most notable form of tax in Australian legislation. They are acquired by the federal government through the Australian Taxation office.

There are different types of direct and indirect taxes in Australia, let’s do an overall synopsis for all of them to know more about Australian taxation.

  • Income taxes

Taxes on income are imposed on the citizens at a personal level. This one is considered to be the most significant sources of funds in Australia. Personal income taxes are imposed on the personal income of each individual in the form of a salary, wage, dividends and interests etc.

However Income taxes in Australia are different from other countries as they are not applied on families but individuals. And it has special clauses attached to it as well, if there is a loss incurred it has to be carried forward clearing some tests and verifications.

  • Corporate Taxes

On the all the gains or revenues which are collected by companies and corporations, they are required to pay a company tax. This tax is levied on the gross revenue that is the income which is collected before sharing the dividends and profits between shareholders etc.

A company and its shareholders are two different entities in Australia, so therefore separate taxes are imposed on both.

  • Tax on capital gains

This tax is imposed on the revenues that are made by the sale of the assets, under a proper procedure for their valuation. These assets include both tangible and intangible, assets like vehicles, own residence and personal use assets etc can certainly be used as the capital for a resident in Australia, while the immigrant only needs to pay on real property.

  • Taxes in Goods and Services

A goods and services tax is a value added tax imposed on the government on the supply or sale o goods and services. All the revenue from this tax is distributed to the states, though it is levied at a flat rate of 10%. Supplies such as food, education, health do not fall under the category of goods and service tax. Also all the consumers have to pay goods and services tax in case they are consuming any service or good.

  • Departure tax

This tax is imposed by the federal government of Australia on all the passengers departing on international flights and marine transport. This is also referred to as Passenger movement charge, it takes care of all the expensed incurred by the government in making sure a smooth movement of an individual from one place to another.

  • Fringe benefit tax

This tax is levied on all the non cash benefits which are provided to and employee by an employer. The total value of the benefits is calculated and the final tax is calculated at a standard flat rate from the provider’s income.

  • Customs duty

This tax is imposed when goods and commodities from other countries are imported to Australia. The rate of this tax is subject to change with the value of the customs, it is not applied to a fixed standard rate. All the decisions on this particular tax are taken by Australian Custom services.

  • Excise duty

This duty is levied on the products that are manufactured in Australia, these products includes tobacco, alcohol, fuel and petroleum etc. In the case of excise duty, the manufacturer has to incur the charge of taxes charged on import and export of these goods.

  • Land tax

This tax is imposed in those who are the owners of land in Australia from a long period of time. Under this tax, the owners are asked to pay a tax on the value of land owned. While there are some exemptions from the same in case of land used for social purposes like hospitals, schools etc.

  • Tax on motor vehicle

This tax is levied when a vehicle is acquired or registered under an individual’s name within a state. It is subject to the type of vehicle purchased, the owner or the buyer has to pay an annual tax or duty considering the value of the motor vehicle and further circumstances.

All the taxes in Australia are levied by the federal government, there are more details attached to each and every tax which is to be paid if you are a resident in Australia. For further guidelines and information about the taxes and duties “Taxation in Australia” can be very helpful.

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