Australia

Want to read the rest of this paper? Join Essayworld today to view this entire essay and over 50,000 other term papers

at referenda in all six colonies. It reserves for the
Federal Government the power over defense, foreign affairs, trade and
commerce, taxation, customs and excise duties, pensions, immigration and
postal services. Other powers are left with the States, but federal law
prevails if there is a conflict over concurrent powers. The Federal
Government also has the power to ensure observance at the state level of
Australia's international treaty obligations.

Currency

Australia's currency is called the decimal with the dollar as the
basic unit. (100 cents equals $1). These notes come in denominations of
$100, $50, $20, $10, and $5. The coins come in 5c, 10c, 20c and $1, and $2
denominations.

Taxes

The principal elements of the main federal taxes of Australia are
namely income tax, capital gains tax, and fringe benefits tax.

Income Tax

Tax payable = (assessable income - allowable deductions) x
applicable tax rate
Payable by = person who derives ...

Get instant access to over 50,000 essays. Write better papers. Get better grades. Already a member? Login

that
would otherwise have been deductible to the employee under the income tax
provisions if the amount had actually been incurred by the employee

State and Territorial Government

Australia is divided into six states - New South Wales, Victoria,
Queensland, South Australia, Western Australia and Tasmania - and two
territories: the Australian Capital Territory and the Northern Territory.
The states and territories each have a capital city, flag, and even
their own flora and fauna emblems. Australia is also responsible for
administering seven external territories: Norfolk Island, Cocos (Keeling)
Island, Christmas Island, Ashmore and Cartier Islands Territory, ...

Succeed in your coursework without stepping into a library. Get access to a growing library of notes, book reports, and research papers in 2 minutes or less.

CITE THIS PAGE: