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Companies or groups of companies that pay $1,100,000 or more a year in Australian wages must pay payroll tax. [34] There are deductions, concessions and exemptions available to those that are eligible. From 1 July 2012: [32] The rate of payroll tax is 4.75%. The annual threshold is $1,100,000. The monthly threshold is $91,666.
The review was commissioned as one of the specific outcomes from the Australia 2020 Summit held in April 2008 [citation needed].. The review was a "root and branch" review, restricted only in that it could not consider increasing the rate or broadening the base of the Goods and Services Tax, imposing tax on superannuation payments to retirees over 60 years of age, or already-announced personal ...
In 2001, the Howard government adjusted the excise rates because of the introduction of the GST and stopped the automatic indexation of the fuel excise tax. [8] The second phase of the Australian Fuel Tax Credits Scheme came into effect on 1 July 2008. Under these changes, all off-road business use of fuel became eligible for subsidies.
The effect of this type of tax can be illustrated on a standard supply and demand diagram. Without a tax, the equilibrium price will be at Pe and the equilibrium quantity will be at Qe. After a tax is imposed, the price consumers pay will shift to Pc and the price producers receive will shift to Pp. The consumers' price will be equal to the ...
In framing the Australian Constitution two requirements relating to imposition of tariffs were set out. Firstly, all tariffs are required to be uniform throughout Australia [3] and secondly that there not be tariffs on interstate trade and commerce (i.e., that all inter-state trade to be "absolutely free").
By offering tax breaks, the government can incentivize behavior that is beneficial to the economy or society as a whole. However, tax subsidies can also have negative consequences. One type of tax subsidy is a health tax deduction, which allows individuals or businesses to deduct their health expenses from their taxable income.
The tax was not popular, but a High Court of Australia challenge to the land tax found the law to be constitutional. [4] The associated land valuations were contentious with more than 1,800 appeals and objections received by the middle of 1913. [4] In his first year, commissioner McKay had underneath him 105 tax officers, assessed approximately ...
Schedule 3 Recordable (S3R), or "recordable potent substances", refers to Pharmacist Only Medicines where supply is recorded as for Schedule 4 drugs. S3R drugs are those that may have an increased risk of illegal diversion or abuse. These are specified in Clause 23 of the Poisons and Therapeutic Goods Regulation 2002 (NSW). As of January 2006 ...