Intro to Taxation

Taxation is a kind of charges on citizen or business houses which Government of any country cover or impose to meet their expenditure. These charges that are covered by the citizens of a country is termed as taxes. These taxes are used by the Government for the betterment of the nation as a whole. These plays a very significant role in the development of a country. Taxation is a system of earning funds which in turn, provide the countries financial support. The taxes are of varied forms. Some of the important taxes are: –

• Income Tax–It is the form of tax which directly deducted from the income of a person. It is the amount covered by this is the largest or you can say, it is the prime source ofrevenue.
• Corporate Tax – Every country has different rates for different kind of taxes. Business houses or corporate houses have to pay charges on their income in the form of corporate tax to the Government. It is generally charged little from income tax.
• Goods And Service Tax – It is the tax which is charged on the distribution of goods and services. All goods and services which are registered under GST are tended to have tax.
• Excise Tax – Some goods are always in demand whether their rates increase or decrease. These are termed as Elastic goods. So, on elastic goods, Government impose an excise tax.
• Property Tax – The tax which is imposed on the property of the individuals, business houses, commercial complexes and residential complexes. Its contribution to government fund is also high.

How Australian Taxation is Different from Others

Australian taxation is one of the highest taxation systems in the world. This is the merger of collective income of the country and overseas income. There are various methods of comparing the taxation system of different countries. Each measure has its own strong point and weak points. Hence, every country has its own well-developed taxation system. Australian system is somehow different from other in relation to: –

1. Australian taxation system has low tax burden from past to present as compared to others.
2. Its formation in the proportion of GDP is approx. to 32%.
3. Australian tax earns a large part of funds from direct taxes rather than indirect taxes.
4. The taxation system imposes relatively higher taxes on companies as compared to others.
5. It imposes less or you can say, the funds raised by value added tax or sales tax is minimal as compared to others.
6. It pays a comparatively high dependence on immobile property taxes and transaction taxes.

Why There is a Need for Australian Taxation Assignment Help

Taxation is not a very easy term to understand or calculate. Every country follows it on taxation system, and their rules and regulation are obviously different. The funds collected and raised by taxation system are from collective income of the country and overseas income. Sometimes, it becomes difficult for the students to understand rules of taxation and apply them practically. Australian taxation is not simple for everyone. So, students generally take online Australian taxation assignment writing help from various websites.

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