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3 (Australian Taxes)[1]

Foundations of taxation law[¶3.5(a foundations of

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Unformatted text preview: Foundations of Taxation Law [¶3.5](a) Foundations of Taxation Law © CCH Australia Limited History of taxation in Australia History of taxation in Australia ► Colonial taxes Customs and excise duties Licence fees for gold miners Estate duties Land tax Income tax ► Federation in 1901 Commonwealth has power to levy taxes States lose power to levy customs and excise duties Foundations of Taxation Law Foundations of Taxation Law © CCH Australia Limited Some key years Some key years ► Customs and excise duties (1902) ► Income tax (1915) ► Sales tax (1930) ► Uniform tax scheme (1942) ► Part IVA general anti-avoidance regime (1981) ► Medicare levy (1983) ► Capital gains tax (1985) ► Fringe benefits tax (1986) ► Goods and services tax (2000) [¶3.5](b) Foundations of Taxation Law Foundations of Taxation Law © CCH Australia Limited Revenue sharing Revenue sharing ► Commonwealth shares tax revenue with States ► Commonwealth Grants Commission advises on allocations ► Level of assistance decided at Premiers’ Conference [¶3.6] Foundations of Taxation Law [¶3.7](a) Foundations of Taxation Law © CCH Australia Limited Tax lobby groups and stakeholders Tax lobby groups and stakeholders ► Lobby groups Australian Council of Social Service Taxation Institute of Australia Law Council of Australia Institute of Chartered Accountants in Australia CPA Australia ► Key stakeholders in tax system Government Taxpayers Tax professionals Foundations of Taxation Law [¶3.7](b) Foundations of Taxation Law © CCH Australia Limited Tax reviews Tax reviews ► Asprey Committee Review (1975) ► Reform of the Australian Tax System (1985) ► Review of Business Taxation (1999) ► Henry Tax Review (2009) Foundations of Taxation Law [¶3.8] Foundations of Taxation Law © CCH Australia Limited ANTS reforms ANTS reforms ► Tax Reform — Not a New Tax — A New Tax System (1998) ► ANTS reforms resulted in: GST system Australian Business Number system Pay As You Go system Review of Business Taxation reforms, eg: Uniform capital allowance regime Simplified imputation regime Consolidation regime Debt and equity regime Foundations of Taxation Law © CCH Australia Limited...
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Foundations of Taxation Law[¶3.5(a Foundations of Taxation...

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