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How the Australian Taxation Office supports the progress of the Australia

The Australian Taxation Office or ATO is the chief revenue collection agency for the government of Australia. The Australian Taxation Office is also the sole government agency that has the responsibility of implementing the taxation system in Australia. The tax office is under the Office of the Australian Treasurer and the Australian Commonwealth. Included in the scope of power of the Australian Taxation Office is managing the country’s income through collection systems such as income tax, goods and services tax in general and excise tax. The tax office is also the one responsible for giving out benefits, refunds, higher education loans and government bonuses.

The Australian Taxation Office has an organizational structure that includes the Commissioner of Taxation, three second taxation commissioners. These people assigned to run the Australian Taxation Office are elected by Australia’s Governor General with a seven year term each. Each commissioner can be re-elected after the end of each term. Michael D’Ascenzo is the present commissioner of the Australian Taxation Office who began his service in 2006. He replaced Michael Carmody.

The Australian Taxation Office flow of operation is managed through what is called “sub-plans” that are implemented to effectively allocate resources. These sub-plans of the Australian Taxation Office are compliance, personalization, information technology, law, operations, people and places. There are many types of taxation implemented by the Australian government. Companies and individuals are obliged by law to pay taxes to every level of the government including:

  • Local
  • State
  • Federal Governments

The taxes collected by the Australian Taxation Office are used to pay for transfer payments and public services. One of the most significant forms of taxation required in Australia is income tax and this form of tax is being collected by the Federal government through the power of the Australian Taxation Office. Income taxes are the most significant source of the income of the Australian government. The state governments of Australia have stopped collection income taxes since the beginning of World War ll. On the other hand, personal income taxes are those that are collected from individuals such as employees. The higher the income of an individual, the higher the tax rate as well.

Other taxations imposed by the Australian Government through its Taxation Office are capital gains tax from the disposal of assets, corporate taxes from the profits of companies and corporations, goods and services tax from retail sales, property tax on residential, industrial and commercial properties, excise tax from the distribution of cigarettes, alcohol and petrol products, and payroll tax from the wages of laborers.

Australia’s well-designed and well-enforced taxation systems have been the key to the country’s progress since the beginning of the 1940’s. This dynamic progress is evident in its many cities and territories. The creation of the Taxation Office of Australian has been the moving force in transforming Australia into what it is today.

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