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What are the Common Types of Taxations in Australia?
There is a wide array of taxation is applicable under the system in Australia. Here are a few of them:
Personal income tax: this type of tax is calculated on the income of an individual living in Australia. In the country, the personal tax is imposed at a progressive rate. The higher your income is the more you have to pay to the government. Personal tax can be changed at different points during the entire year. Hence, a taxpayer must have a proper idea of the rate while paying the tax on his income.
Goods and Service tax: The government of Australia imposes around 10% tax on the products and services. This tax is directly imposed on the individuals who have registered themselves under the goods and services tax or GST act. Supplies such as food products, exports, medical solutions and education are the exceptions of the goods and service tax.
Corporate tax: In Australia corporate tax is levied at the 30 per cent flat rate. Corporate companies running in the country have to pay to the federal government from the profit they have earned during the entire annual year. After dividing the profit among the shareholders the corporate tax is paid to the government.
Property tax: State government in Australia highly depends on the property tax to carry out the different activities. Property tax received from the complexes, residential houses, industrial complexes funds the state government and keeps it running.
Beside the above taxes, there are other applicable taxes including Payroll taxes, Excise tax, Inheritance tax, State and/or Local Income Tax, Value-Added Tax, luxury car tax, custom duty, etc. in Australia.
Students who are pursuing a degree in Australian taxation are required to learn how to differentiate these types of taxation from each other.