BEX2001 Lecture Notes - Lecture 8: Fringe Benefits Tax, Australian Business Number, Excise
1 Sep 2018
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Document Summary
The money paid by individuals and businesses to government: federal, state or territory, and local. 3 levels of government in australia; the australian government, state and territory governments, and local governments. Sole trader businesses pay income tax on their profits. 16% of total tax revenue from taxes such as payroll tax, stamp duty and land tax. Local gov in the same period collect about 3$ of total tax revenue, largely from rates charged on the owners of property: gst = spent by states/territories - collected by australian government. Individuals who earn less than ,200 per year generally do not need to pay any tax. Another factor to consider for who should pay is the ones that benefit from the tax being collected: passengers on a bus, motorists, and the transport industry all benefit by using roads funded by taxes. Taxes are levied to discourage the consumption of some products: cigarettes, alcohol.
