Current tax system
Setting the standard
The National Tax Reform Summit (which was held in Canberra during 1996) set out the criteria for a good tax system. These are:
- The tax system must be simple.
- It must have a low compliance cost.
- It must be transparent (no hidden taxes).
- It must not be avoidable, especially by the rich.
- It must be adequate (raise sufficient revenue).
- It must be socially equitable.
- It must be efficient.
Our current system
The Australian Treasury published a number of reports after it examined our current tax system. Tucked away in a corner is the amazing statistic that we currently have 125 different taxes that affect Australians. The majority of government taxes are from 3 sources, namely:
- Personal income tax (44.8%)
- Company tax (22.3%)
- GST (15.7%)
Our current taxes
Below is a list of a few of the taxes that you pay - from the full list of 125 taxes that exist within Australia. Let's not forget to add to the list the new Carbon Tax.
- Accounts Receivable Tax
- Airline surcharge tax
- Airline Fuel Tax
- Airport Maintenance Tax
- Building Permit Tax
- Cigarette Tax
- Corporate Income Tax
- Goods and Services Tax
- Death Tax
- Dog License Tax
- Driving Permit Tax
- Environmental Tax (Fee)
- Excise Taxes
- Federal Income Tax
- Federal Unemployment (UI)
- Fishing License Tax
- Food License Tax
- Petrol Tax
- Gross Receipts Tax
- Health Tax
- Hunting License Tax
- Inheritance Tax
- Interest Tax
- Liquor Tax
- Luxury Taxes
- Marriage License Tax
- Medicare Tax
- Mortgage Tax
- Personal Income Tax
- Property Tax
- Poverty Tax
- Prescription Drug Tax
- Real Estate Tax
- Recreational Vehicle Tax
- Retail Sales Tax
- Service Charge Tax
- School Tax
- Telephone Federal Tax
- Telephone Provincial and Local Surcharge Taxes
- Telephone Minimum Usage Surcharge Tax
- Vehicle License Registration Tax
- Vehicle Sales Tax
- Water Tax
- Watercraft Registration Tax
- Well Permit Tax
- Workers Compensation Tax
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