Search results
Results from the WOW.Com Content Network
In addition, the Temporary Budget Repair Levy was payable at a rate of 2% for taxable incomes over $180,000, and expired on 1 July 2017. [5] In October 2016, the federal government passed a bracket adjustment that raised the third marginal tax rate threshold from $80,000 to $87,000. These changes took effect from 1 July 2016. [6]
Government spending or expenditure includes all government consumption, investment, and transfer payments. [ 1 ] [ 2 ] In national income accounting , the acquisition by governments of goods and services for current use, to directly satisfy the individual or collective needs of the community, is classed as government final consumption expenditure .
An example of temporary items may be depreciation expense; sometimes governments provide for "accelerated" depreciation of particular items of interest to tax policy. Another common temporary difference refers to bad debt write-off where the governments may generally have a stricter standard requiring the filing of claims in court.
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.
The definition of "customs and excise" has been considered by the High Court of Australia on a number of occasions. Generally, a customs duty is a tax imposed on goods entering a jurisdiction. An excise is a type of sales tax on goods, and the High Court has interpreted what constitutes an excise broadly.
In some cases, the federal government pays [16] for a program and gives broad discretion to the states as to how to carry out the mandate. In other cases, the federal government essentially dictates all the terms, and the states simply administer the program. Government budget is a subject of importance for a variety of reasons:
Government final consumption expenditure (GFCE) is an aggregate transaction amount on a country's national income accounts representing government expenditure on goods and services that are used for the direct satisfaction of individual needs (individual consumption) or collective needs of members of the community (collective consumption).
At the election, the Howard government suffered a swing against it of 4.61% at the election, achieving a two-party-preferred vote of only 49.02%, compared with Labor on 50.98%. Nevertheless, the incumbent government retained a majority of seats in the lower house and Howard described the election win as a "mandate for GST".