Australia is a land giving shelters to many young and old from all around the world. Apart from its scenic beauty it’s well equipped economically and financially. The Taxation system of this country is incredible.
The Australian Taxation Office (ATO) is pillar of tax collection and is responsible for the administration of the tax system in Australia. It is a part of the government which collects taxes of all nature from individuals, companies and firms etc. the largest volume of revenue of the government comes taxes of which majority of the revenue is from individual income taxes. These taxes are utilized by the government to pay for public services and transfer payments.
The ATO is committed to meeting the expectations of both the Government and the community in the way that it legally collects revenue for the country. The ATO is committed to helping you comply with your tax obligations at minimum cost, and at convenience to you. You can expect the ATO to offer you professional service and assistance to help you understand and meet your tax obligations.
The service you can expect from the ATO is outlined in the Taxpayers’ Charter. Australian taxation services system and Australian property tax has been put together with community consultation and its aim is to help make your experiences with the ATO easier, cheaper and more personalised.
Financial income year is a period of 12 months that commences on 1 July and ends on 30 June for tax purpose. At the end of the income year, you have until 31 October to lodge your income tax return.
Payment of tax on your capital gains is not a separate tax, just part of your income tax, although it is generally referred to as capital gains tax. CGT is the difference between what it cost you to get an asset and what you received when you disposed of it. If you're an Australian resident, CGT applies to your assets anywhere in the world.
Income received by individuals is taxed at progressive rates, while income derived by companies is taxed at a flat rate of 30%. Generally, capital gains are only subject to tax at the time the gain is realized. Corporate income tax is also collected by the Australian Taxation Office for the Government of Australia.
Apart from these taxes, few other taxes like Property tax on property held by assesses, Value Added Tax on Goods and Services, excise, customs, luxury cars tax etc are also followed as per the set guidelines.
