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66 Pages • Complete Study Notes • Year: Pre-2021
What is tax? - OECD: a compulsory, unrequited payment to the general government - Unrequited: no relationship between taxes and how much you get back - Taxes are unrequited in the sense that benefits provided by government to taxpayers are not normally in proportion to their payments. - High Court of Australia: “A compulsory extraction of money by a public authority for public services” Why tax? - To raise revenue for the government for spending on: - Social goods (e.g. Street lighting) o Joint consumption and non-excludability o Non rival consumption (doesn’t stop others from using it at the same time) - Merit goods o Beneficial to the user o Positive externalities o E.g. health, education - Sin-taxes o Taxes on alcohol, cigarettes (social engineering) Tax Policy objectives - Tax should be: - Simple o Minimal taxpayer compliance and administrative government costs o Compliance costs: costs that arise when complying to tax obligations (accounting, legal and tax agent fees) - Equitable o Vertical equity vs horizontal equity o Vertical: progressive tax rates for individuals o Horizontal: all tax payers treated alike - Efficient o (neutrality) tax shouldn’t affect decision making Australian taxation system - Section 51 of the Constitution allows the Commonwealth (Federal) government to pass laws with respect to taxation - Federal income tax introduced in Australia in 1915 - Commonwealth (federal) tax o Income tax (direct) o Goods and services tax (indirect/consumption) o Fringe benefits tax (direct tax on employer) - State tax o Land tax, stamp duty, payroll taxes (indirect) Main sources of law - Statute law (legislation) – Income Tax Assessment Act 1936 (Cth): ITAA36 – Income Tax Assessment Act 1997 (Cth): ITAA97 • Why two Acts? Tax Law Improvement Project – Income Tax Rates Act 1986 (Cth) – Fringe Benefits Tax Assessment Act 1986 (Cth) (FBTAA) – A New Tax System (Goods and Services Tax) Act 1999 (Cth) (GST Act) – Taxation Administration Act 1953 (Cth) (TAA 1953) – International Tax Agreements Act 1953 (Cth) including Australia’s double tax treaties – not dealt with in this Course - Case law o Decisions of courts: High Court binding authority o ‘Interpretation’ of legislation
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