...company, we focus on tax purpose but not immigration. Government interest on Tax, you earn your profit, no matter which corner you are working in the world, you have to pay tax. That is not only your personal liability to the country who grant you a resident or citizenship, and also the country allow you to acquire profit to rich your pocket.The definition of resident for company is in ITAA36 s6(1) state that:A company which is incorporated in Australia, or which, not being incorporated in Australia carried on business in Australia, and has either its central management and control in Australia, or its voting power controlled by the shareholder who are resident of Australia. Page 77 understanding taxation law 2010 Frank GildersBut the current definition of Australia of residency company do perform a highly compulate system and the double tax with a higher tax rate, which is discourage the over-sea investor and bring trouble to Australian itself. – the decrease the competitive ability in the international trading and business market. Analysis :There are many different kind of business cooperation in which investors can do business in Australia, including corporations, branch offices, subsidiaries, trusts, joint ventures and partnerships. For the international investors, the most common way are usually form a Australian subsidiary companies or Australian branch offices. Owing to the Australia tax law, both of them have...
Words: 2318 - Pages: 10
...Establish the payroll system Submission details Candidate’s name | | Phone no. | | Assessor’s name | | Phone no. | | Assessment site | | Assessment date/s | | Time/s | | The assessment task is due on the date specified by your assessor. Any variations to this arrangement must be approved in writing by your assessor. Submit this document with any required evidence attached. See specifications below for details. Performance objective The candidate will demonstrate the ability to establish procedures for the management of payroll. Assessment description In response to the scenario provided, you will develop a step-by-step plan to establish a payroll system, develop security procedures, establish control measures, and ensure procedures guarantee substantiation of claims for allowances. Procedure 1. Consider the scenario and task provided. 2. Consider the design of a payroll system to cover organisational and legislative requirements. 3. Prepare a planning document in which you outline steps you would take to establish the payroll system. Your plan must include a step-by-step description of review, design, development and implementation. Include: a. a survey of legal environment b. the development of policies and procedures (refer specifically to those three developed in steps 4–5 of this procedure. c. communication/consultation. 4. Write a policy and procedures document to ensure security of employee payroll information...
Words: 2692 - Pages: 11
...this paper is to argue the need for tax reforms specifically aimed at addressing global issues in an increasingly interconnected world where tax laws are not designed for the digital age. It highlights the issues faced by countries due to ‘Base Erosion Profit Shifting ‘. The emphasis is mainly on two taxes, namely, ‘Diverted Profit Tax’ and ‘Digital Goods and Service Tax’, which are recently mentioned in the Australian Budget 2015. Organisation for Economic Co-operation and Development’s (OECD) involvement to concrete changes to avoid Base Erosion Profit Shifting (BEPS) has been mentioned. UK’s ‘Google tax’ and the ‘Double Irish Dutch sandwich’ tax evading structure is explained in an effort to elucidate the steps taken by Australian Government to encounter issues similar to them. Facts are stated with regard to the current Australian economy meshing these two new taxes into the existing taxation system. A conclusion is drawn concisely assessing the enforcement of ‘Digital GST’ and ‘Diverted Profit’ taxes and their probable effects on the economy. 1. The need for comprehensive tax reform One of the prime ways of generating economic revenue is to improve the tax capabilities. A good tax system promotes sustainable growth, provides key platform for trade and investments and strengthens the accountability of government to their citizens. The growing complexity in business and technological advances has made it difficult for the existing tax system to keep in pace. Taxes were charged...
Words: 1248 - Pages: 5
...MT570 Taxation (Current Topics) Assignment 2 Question 1 The draft tax determination TD 2009/18 – Income Tax: Can a private equity entity make an income gain from the disposal of target assets it has acquired? – deals with private equity entities disposing of Australian target assets, and per this draft determination, the ATO’s view on this is that yes a private equity entity can make an income gain on the disposal of such assets, although they do acknowledge that each case will depend on fact and circumstance. The draft determination basically states that where a foreign private equity entity that is not in a treaty country carries on a business of deriving a profit from the sale of an Australian asset then the profit is ordinary income under section 6-5 of the ITAA 1997 which is taxable in Australia and is not exempt as a capital gain. Whether a private equity entity can make an income gain on the disposal of its target assets will be a question of fact and circumstance. It will need to be determined on what account the asset was being held on and in order to determine this. The investment strategy and the form and substance of the private equity entity must be looked at in detail and at length to determine this. Basically, if the intent of the private equity entity is to acquire the target asset, become a long term investor and derive dividend income from its shares then the gain made from disposal would be held on capital account as the disposal would be...
Words: 3143 - Pages: 13
...practices echo that of the British Political system, specifically the Westminster system. This is a result of Australia’s values reflecting religious tolerance, freedom of speech and association, and the rule of law. Although the Australian Political system shares many similarities with The British Westminster Political system, there are number of subtle differences at the same time. Australian politics operates as a multi-party system; there are two major parties, as a result of the coalition between the Liberal Party and National Party, and the Australian Labor Party. The leader of the elected party becomes the Prime Minister, and for the party to be in power it needs to have a majority in the House of Representatives in order to make and enact policies on behalf of their party and the country. Since the advancement of technology and the availability of television and radio, the Prime Minister and the Opposition Leader have been identified by the public as the leader of their parties due to fact that they are the person that the public sees the most. As a result they have been key representatives of their party in order to get their message across in the shortest possible amount of time. Due to the Prime Minister and the Opposition Leader being identified as the leader the achievements and failures of their political party fall heavily upon them. Thus many political spectators are seeing the “presidentialisation” of Australian politics. According to R.A.W. Rhodes, John Wanna...
Words: 2651 - Pages: 11
...Accredited Tertiary Courses Listing 2012 Accredited Tertiary Courses Listing 2012 – as at 26 September 2012 1 2012 Accredited Undergraduate Courses AUSTRALIAN CAPITAL TERRITORY The Australian National University University of Canberra NEW SOUTH WALES Australian Catholic University Australian Institute of Higher Education Avondale College Charles Sturt University Kings Own Institute Macquarie University Southern Cross University Top Education Institute The University of New England The University of New South Wales The University of Newcastle The University of Sydney University of Technology, Sydney University of Western Sydney University of Wollongong Williams Business College NORTHERN TERRITORY Charles Darwin University QUEENSLAND Australian Catholic University Bond University Central Queensland University Christian Heritage College Griffith University James Cook University Queensland University of Technology The University of Queensland The University of Southern Queensland University of the Sunshine Coast SOUTH AUSTRALIA Flinders University Kaplan Business School The University of Adelaide University of South Australia Open Universities (conferred by Uni of SA) TASMANIA University of Tasmania VICTORIA Australian Catholic University Cambridge International College Carrick Higher Education Deakin University Holmes Institute Holmesglen Institute of TAFE La Trobe University Melbourne Institute of Technology Monash University Northern Melbourne Institute of TAFE RMIT...
Words: 16200 - Pages: 65
...BSB113 Economics RESEARCH REPORT Word Count: 1247 Table of Contents 1.0 Introduction………………………………………………………………...……3 2.0 Setting the context ...………………………………………………………......3 3.0 A description of the relevant economic model...…………………………….5 4.0 A critical analysis of the key arguments……………………………………...6 4.1 Alcopops tax…………………….…………….…………….…………......6 4.2 Minimum pricing policy …………….…………….…………….…………7 4.3 Non-pricing policy…………….…………….…………….……….……….7 5.0 Conclusion...…………………………………………………………….……….8 6.0 Reference List……………………………………………………………….…..9 1.0 Introduction This report aims to cover the effectiveness of an alcopops tax in relation to deterring youth binge drinking in Australia. Reducing the levels of drinking, harmful drinking and alcohol problems among young people is crucial from economic and societal perspectives (Araoz, 2012). Therefore, it is important to contextualise youth binge drinking. Additionally, taking this a step further by presenting and describing an economic model, which illustrates a tax on producers bringing alcohol levels to a socially efficient consumption. Lastly, critically analysing strengths and limitations of an alternative pricing policy (minimum price) and non-pricing policy, which have been successful. 2.0 Setting the context The term 'binge drinking' generally refers to drinking heavily over a short period of time with the intention of becoming intoxicated, leading to various costs from an economic and societal...
Words: 2074 - Pages: 9
...y2. The Superannuation System in Australia Superannuation has been used in Australia as a policy instrument to increase retirement incomes and reduce reliance on the age pension (which is provided by the government). Tax concessions have existed for superannuation since 1914.1 Until the 1980s, interest and capital gains on superannuation funds were not taxed. However, the extent of tax concessions has since been reduced. In 1986 compulsory superannuation was introduced in Australia. The system initially applied to employees on Federal awards, with 3 per cent of their earnings saved in superannuation funds in lieu of wage rises.2 The system was extended to apply to most employees in 1992 under the Superannuation Guarantee Charge (SGC), with the contribution rate gradually raised to its current level of 9 per cent of earnings and coverage increased to 90 per cent of employees. Perhaps not surprisingly, households’ superannuation assets as a proportion of GDP almost quadrupled in Australia over the last 20 years (Figure 1), and are now the second largest component of household wealth after non-financial assets, which comprise mostly housing.3 However, the growth in superannuation funds (or their equivalent) was an experience shared by the US and the UK, which do not have compulsory superannuation schemes in place. Valuation effects were an important factor behind the unprecedented growth in superannuation assets over the 1980s and 1990s, explaining around 70 per cent of the rise...
Words: 1588 - Pages: 7
...service tax is a form of value added tax and it is one of the most significant tax in Australia which was commenced on 1 July 2000. The essay aims to explain the issue that how the GST system guarantee that GST is actually paid by the final customer. Through analysing the legislation, A New System (Goods and Services Tax) Act 1999, it can be concluded that the GST has a neural effect on business-to-business transactions and that only the ultimate customer pay for the GST. The registration of entities is the basis of the goods and services tax (GST) system. According to section 23-1 GSTA, only these entities which are carrying on enterprise can be registered. The enterprise is defined in the section 9-20, which consist of activities done in form of business or in form of an adventure or concern in the nature of trade. These rules indicate that the ultimate customer, who is not carrying on enterprise, cannot be registered in the GST system. For these entities which are carrying on enterprise when entities’ GST turnover reach the registration turnover threshold, that is$75,000 ($150,000 for non- profit entities), they are required be registered by section 23-5 and 23-15 GSTA. It means that the small business is able to choose to be registered or not. The GST system only works on these registered entities except importations. According to the section 13-1GSTA, GST is payable on taxable importations regardless whether or not the entity is registered. Therefore, GST system works on...
Words: 1028 - Pages: 5
...Introduction………………………………………………………………………………………………………… Population and Health Status………………………………………………………………………………………………………………… Demographic characteristics of population Life Expectancy, mortality data, causes of death Health Status Availability of Health Services Health care Providers Issues related to access of Health Care Expenditures Health services Expenditure & Financing………………………………………………………………………… Roles of the government Macro environmental influences on the health care system Political Socioeconomic Cultural Technological/Other relevant influences Summary Bibliography Executive Summary Australians have among the highest life expectancy in the world, and most have ready access to comprehensive health care of a high standard. The primarily tax-funded health system achieves reasonably cost-effective health care and good health outcomes and generally enjoys public support. Australia has a federal form of government with fiscal and functional responsibilities divided between the Australian Government and the six States and two Territories. Australia is a generally prosperous country with gross domestic product (GDP) per capita close to the Organization for Economic Co-operation and Development (OECD) average. The population reached 20 million in 2004, is highly urbanized, with 66% living in cities and large towns, and is culturally diverse, since migration has been a key factor in population growth with almost one...
Words: 4566 - Pages: 19
...residents living in that region. For this reason the Australian government is deciding whether to impose taxes on carbon emissions for the worst polluters Figure 1 shows that the marginal private costs of the Australian firms are below the marginal social costs, the pollution created has caused an extra cost to the society, such as respiratory problems for the residents living around the polluting firm. For that reason, Australia is taking the leading role in addressing this problem. The country’s firms are only concerned with its private costs (e.g production costs) and will produce at Q1. Figure 1: negative consumer externality in Australian Economy. P* P1 0 Cost/AUD Q* Q1 MSB Quantity/Tonne Welfare Loss MSC MPC Due to the negative producer externality created in the economy, it is not producing at a socially efficient output, Q*, where the MSC is equal to the MSB, therefore there is market failure. Therefore we can say that there is a misallocation of society’s resources. Moreover, there is a welfare loss to society due to the additional units created from Q1 to Q*, where MSC is greater than MSB for those extra units. This is shown by the shaded triangle above. Figure 1 illustrates the fact that there is a welfare loss to the community and decreasing it should be the Australian government’s main focus because it creates economic inefficiency. Figure 2 If the Australian government decides to impose a tax on carbon emissions for the worst polluters, then...
Words: 793 - Pages: 4
...http://www.apop.com.au/pdf/MaryKalantzisse2402speech.pdf http://johnbuttonprize.org.au/static/files/assets/040dfe80/John_Button_School_Prize_winner_2012_Anjali_Bethune.pdf http://www.allenandunwin.com/sociologyaustralia/files/Immigration.pdf http://www.immi.gov.au/media/publications/research/social-costs-benefits/chapter_3-6.pdf SECTION IV: ADVANTAGES AND DISADVANTAGES OF MIGRATION | Advantages | Disadvantages | |1. Cultural and linguistic diversity: |Racial conflict: | |Considered a valuable resource |There are those whose this as a | |Over 200 languages spoken here |threat to Australia’s Anglo-Celtic | |A rich mix of traditions, cultures, |background. | |languages and beliefs: |Some groups are discriminated | |multiculturalism is now considered |against eg. Sudanese people in | |a defining characteristic of Aust’s |Tamworth. | |identity. ...
Words: 1373 - Pages: 6
...Trading policies Maintains active and diverse international trade policy agenda which combines multilateral, regional and bilateral strategies to break down world barriers to trade. Trade policies are equally based on structural economic reforms to improve its international trade competiveness, and initiatives to promote liberalization of international trade and investment rules. Australia has good trading policies with its neighbor countries, and their trades are in favorable conditions, so operating Air Asia (AA) in Australia would be viable and there will be higher frequent business traveler. 2. Home market lobbying/pressure groups Committed Pressure group are allowed in Australia, which is good things, because of open political system, as results consumer and the citizen are more aware about the real business situation. Pressure groups will make the organization to think about the Corporate Social Responsibly and Ethics that it need to consider and practice in Australia. XX (company name) should come up with new business strategies which benefits environment, people and demoralizing un ethical activities. 3. International pressure group Australia is a sophisticated and modern economy. It is open market and it has good relationship with international welfare organization High Pressure group. In the environment, where there is high international pressure group, organizations should consider international issues and change their operation so that their daily...
Words: 1936 - Pages: 8
...Parliament of Australia Department of Parliamentary Services Parliamentary Library Information, analysis and advice for the Parliament RESEARCH PAPER www.aph.gov.au/library 26 May 2010, no. 17, 2009–10, ISSN 1834-9854 Budget Review 2010–11 Last year’s Budget was framed amid a sharply deteriorating world economy which was considered the most challenging global economic conditions since the Great Depression. In 2009, the global economy contracted for the first time in the post-war era. In contrast, Australia grew by almost 1.5 per cent supported by monetary and fiscal policy stimulus, a well-functioning banking system, and strong growth in a number of East Asian economies. The third Rudd Government Budget, presented on 11 May 2010, was developed within an improving but still uncertain outlook, with events in Greece and other European Union countries reminding us of the risks to the global economic recovery. Strong economic growth in China and India is expected to continue to flow throughout the region and, despite a slower pace, the US is leading the recovery among our advanced economy major trading partners. Global economic growth is in the early stages of recovery but we should remain cognisant of the precarious economic environment which is continuing to challenge government policy makers around the globe. Once again the Parliamentary Library has produced the annual Budget Review that examines the key features of a selection of crucial measures contained...
Words: 85921 - Pages: 344
...taxation law Tax formula, tax rates and tax offsets Administrative aspects of taxation Readings from Australian Taxation Law 2014 CCH (referred to in this lecture as “W”) Introduction to taxation law W 1-550; W1-310 to 1-620 Tax formula, tax rates and tax offsets W 2-000 to 2-040; W2-100 to 2-150 W2-200; W2-300 to 2-405 W2-500 to 2-520; W 2-640 Administrative aspects of taxation Tax rulings, tax returns and assessments:W30-000 to 30-025; W30-033 to W30-040; W30-055 to 30-104; W30-140 to 30-155 Tax appeal process: W31-300 to 31-700; W33-020 to 33-083; W33-095 1 What is a tax? Principles from High Court in MacCormick v FC of T (1983-84) 158 CLR 62 – a payment is a tax where: 1. it is a compulsory payment 2. the money is raised for public purposes 3. it is not arbitrary and is not a penalty 4. it is not a payment for services, and 5. it is contestable – can be challenged Taxes are imposed at three levels in Australia: Commonwealth, State and Local 2 Types of taxes 1. Income taxes imposed by the Commonwealth on income -- paid by individuals, companies etc 2. Property taxes – death duties, wealth tax (no longer in Australia) 3. Taxes on consumption – GST and customs duties by the Commonwealth, stamp duties by the States 4. Taxes on labour and land -- Pay-roll tax on wages and land tax on land (unless used for residence) – imposed by the States 5. Taxes imposed by local government, eg, rates on home owners 3 Australian Taxation System Sources of Australian income tax...
Words: 2768 - Pages: 12
