Taxation Part 3 Flashcards
Which tax are a couple about to purchase a new home likely to incur?
Stamp duty tax
Which taxes is a woman who fills up her car with petrol and buys a few goods from the station likely to incur?
GST and excise duty tax
Which taxes will a company owner who travels regularly for work and has five staff working for him incur?
Payroll tax and departure taxes
Which taxes will a man who receives a car as part of his salary and owns a house incur?
Capital gains tax and property rates
What was the order for which sectors the money of taxpayers was spent in 2017-18?
Social security sand welfare, health, education, defence
Where does the majority of government revenue come from in taxes?
Individuals income taxes
What are some services which the local government provides from taxation revenue?
Garbage collection, sports fields, libraries and parks
What are some services which the state government provides from taxation revenue?
Water, electricity, health care, education, transport and roads
What are some services the federal government provides from taxation revenue?
Defence, social security, immigration, trade and currency
What is an example of a local, state and federal service for legal systems?
Local: Magistrates Court
State: Supreme Court
Federal: High Court
What is an example of a local, state and federal service for health systems?
Local: Rehab Clinics
State: Hospitals
Federal: Medicare
What level of government imposes and collects building permits and pet registrations?
Local government
Which government provides the service of postage and street signs?
Postage is federal government and street signs are local government
What is a surplus government budget?
One where the revenue is greater than spending
What is a major function of the ATO?
To collect the goods and service tax on behalf of states and territories
