Search results
Results from the WOW.Com Content Network
Goods and Services Tax [1] (GST) in Australia is a value added tax of 10% on most goods and services sales, with some exemptions (such as for certain food, healthcare and housing items [2]) and concessions (including qualifying long term accommodation which is taxed at an effective rate of 5.5% [3]). GST is levied on most transactions in the ...
The GST was introduced in Australia on 1 July 2000 by the then Howard Liberal government. A number of supplies are GST-free (e.g., many basic foodstuffs, medical and educational services, exports), input-taxed (residential accommodation, financial services, etc.), exempt (Government charges) or outside the scope of GST.
Map of the world showing national-level sales tax / VAT rates as of October 2019. A comparison of tax rates by countries is difficult and somewhat subjective, as tax laws in most countries are extremely complex and the tax burden falls differently on different groups in each country and sub-national unit.
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.
Western Australia earns much of its revenue from resource royalties, which affected its GST share. WA's budget is supported in large part by resource royalties. The GST return received by WA was relatively steady from 2000 to the mid-2000s, taking its first plunge as the iron ore and gas boom began and resource tax revenue rose dramatically.
The Australian Taxation Office ... the ATO collected revenues totalling $313.082 billion in individual income tax, company income tax, goods and services (GST) tax ...
GST was implemented at a single rate of 3% on 1 April 1994, with an assurance that it would not be raised for at least five years. To cushion the impact of GST on Singaporean households, an offset package was also introduced. Simultaneously, corporate tax rate was cut by 3% to 27%, and the top marginal personal income tax rate was cut by 3% to 30%.
The first income tax in Australia was imposed in 1884 by South Australia with a general tax on income. Federal income tax was first introduced in 1915, as a wartime measure to help fund Australia's war effort in the First World War .