Online Accounting Assignment Help Australia
Students who are interested in becoming experts in the field of financial record keeping normally pursue accounting. In other words, accounting is a process of systematically recording, measuring, summarizing, analyzing, interpreting, verifying and communicating information that relates to finances of a given business entity. A sizeable number of students find it challenging to do assignments from this field of study and as a result they end up looking for help with doing accounting assignments. If you are such a student and you would like to get accounting assignment help Australia, then you should contact us without any further unnecessary delays. We promise you that our accounting assignment tutors perfectly understand accounting in Australia. In other words, you can always expect to get reliable help whenever you contact us. It is also important to mention that we offer legitimate accounting papers help Australia.
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Notably, the professional bodies that regulate the accounting industry in Australia are: ICA (Institute of Chartered Accountants of Australia), IPA (Institute of Public Accountants) and CPA Australia. These bodies make sure that the professional accountants in Australia are among other things; academically qualified, aware of accounting ethics, skilled in working with numbers, great at organizing data and are good in not only thinking critically but also strategically. We are glad to let you know that our accounting assignment tutors who offer accounting assignment help Australia possess the aforementioned skills. This means that we will always deliver you an acceptable paper whenever you order for our assistance. Moreover, we have a clients’ support team that works round the clock to make sure that our services are available on a 24/7 basis. Stated differently, you will always get a tutor all set to help you every time you order for affordable accounting assignments writing service. We always guarantee you;
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It is no doubt that accounting is one of the occupations with numerous job opportunities in Australia. As a matter of fact, it is one of the fastest-growing professions in Australia. We are not ignorant of this fact and this is why we have committed ourselves to assisting students in taking advantage of these numerous opportunities by becoming an expert accountant. In other words, we are ready and willing to walk with you throughout your academic journey when you order for our accounting assignment help Australia. You might also be glad to know that our rates are among the cheapest in the accounting industry. This is to say that we offer professional accounting papers help Australia at a fair price.
Taxation in Australia Notes
Revenue collected from taxes plays an essential role in the development of Australia. It is used to improve healthcare, education, security, infrastructure among others. The federal government of Australia collects revenue through the Australian Tax Office. After the preparation of the budget and approval by parliament, the Australian Tax Office collects taxes as per the budget. Apart from collecting taxes from locals the government also collects taxes from foreign investors. So far Australia has signed more than 40 treaties with foreign nations. This prevents double taxation of nonresidents and also fosters relations with international tax authorities.
Income tax is collected from individuals who fall under the taxable group. Employers withhold it before paying employees and remit it to the government. There are different income tax rates for residents and nonresidents. Apart from the income tax, residents of Australia are also supposed to remit 2% Medicare levy.
Individuals who earn below $18 200 are excluded from income tax. 45% is the highest income tax rate, it is for residents earning more than $180 000. Children under the age of 18 years have a different taxation rate. Employment income and inheritance are excluded from taxation for children.
There are different types of income tax; personal earnings, capital gains, and business income. Personal earnings are deducted from salary and wages by the employer. Every employee should provide a tax file number, if not the employer should withhold tax at the rate of 47%, banks should also withhold the highest rate of income tax on interests earned. Capital gains is a tax levied on businesses or individuals who own assets. It is included in the tax payer’s taxable income and is passed down to the beneficiary of the asset. Partners running the same business are levied differently.
Excise tax is imposed on excisable goods such as alcohol, petrol, fuel, and gasoline. An individual or company needs to be registered and obtain a license from the Australian Taxation Office before they can involve in production, storage or transportation of these goods.
Goods and services taxes
The federal government of Australia imposes a 10% tax on goods and services. This should be provided by those who have registered for those goods. Supplies such as food products and medical services are exempted from goods and services tax.
Residents of Australia are supposed to pay for superannuation. It is a pension program whereby an employer deducts a certain amount of money from the employee. Money collected is given to the individual at old age. People aged above 60 years do not contribute to this pension program.
Companies are supposed to remit 30% tax to the government for profit earned. The taxes should be deducted before the provision of dividends to shareholders. The tax credit should be provided to shareholders to show them the corporate tax paid. The process is termed as dividend imputation.
Taxation in Australia has not only promoted development but also ensured the smooth running of programs run by the government. So far income tax remains the main source of revenue. In 2017 the government collected $201.3 billion from income tax. In cases where the government is unable to meet its budget. It either reduces spending, increases taxation or sells national assets.