Taxation law as a subject describes the relationship between the individual that is the resident of the country and the country itself. Taxation is the process by which government takes the basic tax from the individual on various things such as property, import duties, various transactions etc.The process of taxation varies from country to country on the basis of the rules, regulations, policies and laws of the particular country.The many taxes included in the taxation law subject are- Tax on property, tax on income, tax on sales, tax on goods and services, tax on excise duty etc. Taxation law as a subject is very vast and required good amount of technical and theoretical knowledge. This subject is not a cake walk and required huge investment of time. Therefore, students usually find it challenging to score top grades in a subject like taxation law. If you are also one of the students who dreams of scoring high grades but due to lack of time unable to do so? Are you also one of the students who gets anxious while studying Taxation law? Then you are one step closer to your dream. Makemyassignments.com is the place to make your dream turn into a reality. We have a team of experts who master the art of writing assignments on Taxation law. Over the past many years, Makemyassignments.com has helped students across the globe to fetch high grades.
In Layman terms, Tax is the price which a government charges from the individual’s income. The main purpose of charging tax from the individual is to generate revenue for the country which in turn will help the residents to love a smoother life. The government of the country uses tax on various things to help provide amenities to the individuals of the country. Few examples of where the government spends the money are: on making proper and safe roads, on making bridges, cleaning the lakes and river for health purposes, ensuring there is clean drinking water for everyone across the country etc. Tax is not voluntary in nature but it is an enforced contribution which every earning individual has to pay the country.
The various types of taxes are:
There are various form of taxes which the earning individual of the country pay. The experts of Makemyassignments.com have jot down a brief list the various forms, which are as follows:
Property Taxes– Property taxes in Australia include taxes on the residential, commercial and industrial properties. The government also imposes the tax on the transfer of land and similar transactions.
Capital Gain Taxes– In Australia, one has to pay capital gain tax on the disposal of any asset except for some specific dispensation mentioned in the taxation laws.
Personal Income Taxes– Income tax in Australia is imposed on an individual instead of a family. The amount of tax varies with the level of income of the person.
Goods and Services Taxes– The government imposes a tax of 10% on the supply of goods and services for the registered entities.
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