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The Australian Taxation Office (ATO) is an Australian statutory agency and the principal revenue collection body for the Australian Government. The ATO has responsibility for administering the Australian federal taxation system , superannuation legislation, and other associated matters.
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office (ATO). Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission.
Furthermore, laws imposing taxation (except customs duties or excise) shall deal with 'one subject of taxation only', while laws imposing customs shall deal only with customs, and laws of excise only excise. If a law containing a tax provision is found to include any non-tax provisions, the court will render the non-tax provisions inoperative.
Level 3 (Essential): This level describes the essential or minimum requirements that must be addressed in order to meet the organization's legal and regulatory requirements. Level 3 is characterized by defined policies and procedures, and more specific decisions taken to improve recordkeeping.
The orders and guidelines can include terms on payment, deductions, working time, record-keeping, insurance, consultation, representation, delegates’ rights, and cost recovery. Employee-like workers may also apply to the Fair Work Commission for unfair deactivations, unfair terminations, and unfair contracts.
A fund must maintain an investment strategy and comply with specific covenants contained in law at all times. [56] A fund must not lend to a related party and must not acquire investments from a related party unless permitted. There are no minimum rate of return requirements, nor a government guarantee of benefits.
Not all documents are records. A record is a document consciously (consciously means that the creator intentionally keeps it) retained as evidence of an action. Records management systems generally distinguish between records and non-records (convenience copies, rough drafts, duplicates), which do not need formal management.
Legislation made it a criminal offence in 1980. The practice came to symbolise the worst of variously contrived tax strategies from those times. In its 1986/87 annual report, the Australian Taxation Office (ATO) stated a total 6,688 companies had been involved, involving revenue of between $500 million and $1 billion.