Taxes and the entire tax realm have been evolving since 1901. Tax differed from colonies and even today taxes vary from state and territories. After 1901, the government started to gain control over various taxes in order to introduce some new. Today, we will be going through the timeline, learning new changes and amendments in the taxes…
- 1901: Taxes were imposed by each colony that is now termed as state and territory, and they all had their own taxation system. At that time, almost all revenue was received from excise duties and customs. Later, states and territories were made to give up the right to levy excise duties under the act of 1900. The lead to the removal of all kinds of duties on the products and goods that were traded between colonies/states.
- 1985: The capital gains taxes came and were all about the perks and profit that one makes on the sale of any kind of asset or goods.
- 1986: Fringe Benefits Tax, these taxes are paid by businesses that fringe benefit to employees such as a car or shares. The FBT and the Capital Gains Tax were designed and imposed to stop any kind of tax avoidance.
- 1997: Income Tax Act was simplified by the Commonwealth government by imposing the Income Tax Assessment Act 1997 and introduced new acts.
- 2000: Goods & Service Tax, this was introduced by the New Tax System to bring major changes to the Australian Taxation System. These changes were inclusive of 10% of goods and services tax, also introduced business activity statements (BAS).
- 2006: Closing Tax Havens, this was entirely established and imposed with a motto to protect the integrity of the Australian Financial and Regulatory System. It aimed o preserve the taxpayers from being a part of any secret tax havens.
- 2008: Reform of the Tax system, the entire team of the Australian’s Future Tax System that is known as the “Henry Review” panel looked into reforming the entire tax system.
Rest everyone knows…Well, to know and read more informative content related to taxation…