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A Briefabout History About Australian Taxation
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 were started in Australia to raise the help pay for the complexion of Sydney’s first goal and provide for the orphans of the colony. Import duties were put on wines and beers and later on luxury goods also. Income taxes were introduced in the late 19th Century.
In 1884, a general tax on income was introduced in South Australia, and in 1895 income tax was introduced in New South Wales. Federal income tax was first introduced in 1915, because of the Australia’s war effort in the First World War. Between 1915 and 1942, income taxes were levied at both the state and federal level. The revenue from the carbon pricing regime was used to reduce income tax by increasing the tax-free threshold and increase pensions and welfare payments, as well as introducing compensation for some affected industries.
Forms Of Taxes in Australia
Personal Income Taxes: Personal income taxes in Australia are imposed on the personal income of each person on a progressive basis, with higher rates applying to higher income levels. Unlike some other countries, they do not impose taxes on the family they impose only on the person. Individuals are also taxed on their share of any partnership or trust profits to which they are entitled for the financial year.
Capital Gain Taxes: Capital Gain Taxes in the context of the Australian taxation system applies to the capital gain made on disposal of any asset, except for specific exemptions. Therefore provisions apply to some disposals; one of the most significant is transfers to beneficiaries on death, so that the capital gain tax is not a death duty.
Goods and Service Taxes: The Federal Government levies a value added tax of 10% on the supply of most goods and services by entities registered for Goods and Services Tax. There are two types of sales which will be treated differently:
1. Suppliers of GST-free goods and services will not have to pay GST. They make a sale but they will be entitled to GST credits.
2. Suppliers of input taxed goods and services do not have to charge. GST on sales but they will not be entitled to claim GST credits from their purchases of inputs.
Property Taxes: Local governments are typically funded largely by taxes on land value on residential, industrial and commercial properties. So, some State governments apply tax on land values for investors and primary residences of high value. The State governments also apply stamp duties on transfers of land and other similar transactions.
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