Those who are not much aware of the taxation system and wish to understand in a brief, then this post is just for you. Australia is famous for being a sound economical nation that possesses a feasible taxation system. ‘Australia Taxation Office’ ATO is the pillar of the Australian tax collection. It plays a major role in the government realm where they collect all kinds of taxes from all the citizens and companies, etc. The government gains an immense volume of revenue from the individual income taxes as these are later used by the government only to fund the public services and other payments. The government of Australia charges on the gain or profit from capital assets transfers this is what is termed as ‘Capital Gains Tax’. Those capital assets that are imposed with taxes entails all properties, however, there are properties that have been exempted from this particular tax. Below mentioned are the assets that free from Capital Gains Tax or CGT…
- Those properties that have been bought on or before 19th September 1985.
- Personal assets that aren’t more than $10, 000
- Capital losses of the assessee
- Insurance for life
Australian taxation rate seems a little high in comparison to nearby countries but it is important for you all to consider that there are plenty of deductions for professionals- ‘salary packaging’. Those who are working in Australia, you all must understand that to get professional advice from experts of international tax to make sure that you are not paying your taxes twice.
Well, you can browse through previous taxation blogs and know more stay tuned with us. Another thing that you might want to know is that the Australian Taxation System is levied on Superannuation. Taxes are imposed on three different levels- Benefits Paid, Contribution Made, and Investment Income.
To know more and for expert advice contact Joe Madrajat as being a professional accountant he can be of huge assistance for you.