The whole subject of taxation can be a complicated subject especially when you consider the fact that every country has its own unique system. The Australian taxation system is among the highest in the world on account of cumulative income and this makes students studying it get such a hard time. Students must work very hard to understand the entire thing; this is perhaps the reason why Australian taxation assignments are a hard nut to crack. Discerning students have no qualms looking for a little external assistance especially in trying to understand some processes and concepts of the taxation system that they need to have on their fingertips.
Australians pay the highest taxes in the entire world; what with the country’s federal income tax system having two sections. The first section comprises of business persons and those who are self-employed while the other one is made of general employees and is known as Pay-as-you-go residency (PAYG). Any Australian resident of anyone who stays for more than six months is obliged to pay taxes; the taxation system is based on a person’s cumulative income whether it is earned in the locally or overseas. Australians have an identity number known simple as TFN-Australian Tax File Number which is used for opening bank accounts in addition to any other important reference.
Different forms of Taxes in Australia:
- Property Taxes: Australian federal governments collect taxes based on land value relating to residential, industrial and commercial properties. This means that state governments apply taxation on the value of investment land and residential properties; they also apply stamp duties relating to the transfer of land and other related transactions.
- Personal Income Taxes: Australians pay persona taxes based on individual cumulative income so that those with higher incomes pay relatively high taxes. Contrary to what happens elsewhere, there are no taxes imposed on families but only one individual does. Individuals will also pay taxes based on their respective share of partnerships or trust profits where they receive dividend every year.
- Capital Gain Taxes: Capital Gain taxes are paid in relation to any gains that are made from the sale of disposable assets even though there are a few exemptions. The provisions are applied on some specific disposals with one of unique ones being transfers that people receive upon the death of their benefactor which means such capital gain tax isn’t death duty.
- Goods and Service Taxes: Australians remit up to 10% value added tax in relation to the supply of most goods be any organizations that are registered for Goods and Services tax.
When it comes to sales, there are two different classifications that receive different treatment:
Those who supply GST-free goods and services don’t pay GST so that even when they make a sale they are entitled to receive GST credits. On the other hand are those who supply input taxed goods and services who don’t charge GST on sales but they can also claim GST credits whenever they purchase inputs.
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