The amount paid by the people, organizations and the institutions of a country against certain amenities for an improved infrastructure and smooth running of the financial set up is call a tax. This amount is paid according to the prescribed rules and regulations decided by the government itself. Just like other parts of the world the government of Australia has imposed a set of taxes on the residents of the country. Some important taxes imposed in the country are as follows:
- Superannuation taxes are a kind of tax on the pension that comes on part of the employer. In this kind of tax the employer and the employee sign an agreement according to which the employers keeps a side a part or portion from the salary of his employee. The fund keeps accumulating until the day the employee retires from his job. The payments along with the other benefits as decided at the time of hiring are released when the job tenure is over. The taxes associated with this fund are varying. There is exemption of the tax if the retired employee is at the age of 60 otherwise there is a direct tax of 15 percent on such funds.
- Company taxes are related to the corporate sector charged at the rate of 30 percent. This tax is collected by the federal government. The taxes are collected by the procedure called imputation.
- Goods and services charges are for the essential services at the rate of 10 percent. The goods and services include export products, medical facilities, residence, food stuff and the export goods. Some transactions are not considered taxable.
- Inherited property tax is levied on the property that is inherited by the successors. The property that is acquired by the state after the death of the owner is not liable of any taxation. On the other had if it goes to the successor and the successor has left the world after September 20th 1985 then it is liable to taxation.
- Excise tax is there on the inelastic goods. The government includes goods like petrol or alcohol or the tobacco products in this category. The rise and fall f the prices has least impact upon the taxes regarding these goods.
- Income tax is the most collected tax in the country. It is the most common source of the national revenue.
These are the common forms of taxes that are used to generate the national revenue. Most of the taxes are collected at the federal government level. There is very little role of the provincial or the regional governments in this regard. It is this regular collection that keeps many services running in the country smoothly. Click here if you are looking for online tax.