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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 ...
NSW state Government as part of its budget review for 2012 to 2013 increased the First Home Owners Grant in NSW to $15,000 but took away the stamp duty concession for established homes from first home buyers.
Colonial governments also raised money from fees on wills and stamp duty, which is a tax imposed on certain kinds of documents. In 1880, the Colony of Tasmania imposed a tax on earnings received from the profits of public companies. [citation needed] Income taxes were introduced in the late 19th century in a few of the colonies before Federation.
Stamp duty was formerly a graduated progressive tax with the more expensive the house bought the greater the stamp duty rate. The top rate slowly increased from 0.5% in 1882 to 3% in 1947, 5% in 1973, 6% in 1975, reaching its peak at 9% in 1997. [ 7 ]
A beer duty stamp from 1892. The first beer duty stamps were issued for beer in kegs in 1880, and like issues for the other Australian states, most were damaged or destroyed in use so most existing examples are in mint condition. The second issue was in 1881, and stamps in similar designs for use on kegs or bottles were issued until 1906.
It was introduced by the Howard Government on 1 July 2000, replacing the previous federal wholesale sales tax system and designed to phase out the various state and territory taxes such as banking taxes, stamp duty and land value tax. While this was the stated intent at the time, the States still charge duty on a various transactions, including ...
By convention, the state treasurer is a member of the Legislative Assembly, the lower house of the Parliament of Victoria, as with the premier. This allows the treasurer to be present during debate on the budget and other financial legislation and is in line with the constitutional requirement that money bills originate from the lower house.
Net capital gains (after concessions are applied) are included in a taxpayer's taxable income and are taxed at marginal rates. Capital gains applies to individuals, companies and any other entity which can legally own an asset. Trusts usually pass on their CGT liability to their beneficiaries.