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Advantages of the Taxation in Australia

   

Added on  2021-05-31

10 Pages2565 Words24 Views
Political Science
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Running head: TAXATIONTAXATIONName of the Student:Name of the University:Author Note
Advantages of the Taxation in Australia_1

TAXATION1Table of ContentsIntroduction......................................................................................................................................2Existing structure of the system.......................................................................................................2Advantages of the current system of taxation in Australia..............................................................4Recommendation.............................................................................................................................5Conclusion.......................................................................................................................................6References........................................................................................................................................7
Advantages of the Taxation in Australia_2

TAXATION2IntroductionThe issue that has been presented in the question is that the Australian Taxation Officehas resulted in the publishing of the particular report that there has been a crackdown in regardsto the work related expenses. This means that the particular figure of 12 million in that have beenengaged in the Australian workforce have claimed deductions in regards to tax on account ofother expenses. The Australian Taxation Officer had initiated a crackdown for the purpose ofclaiming the work related expenses and has been of the suggestion that there had been asignificant loss to revenue in regards to a large number of taxpayers. There has been a furtherreport of the fact that the claims in regards to the laundry and the clothing expenses haveincreased by a percentage of 20%. Moreover, during the last five years it has been found out thatthe 1.6 million people have been claiming a deduction of $150 and have been of themisconception that they claim the money without having to spend it (Bond and Wright, 2017). This particular study aims to find out the fact that whether the Australian system has beensuch that the entities can claim deductions in regards to the work related expenses and whetherthe particular system is in constant need of reform. This study also discusses the advantages andthe disadvantages of the current system.Existing Legal structureThe Income Tax Assessment Act 1997 provides that an individual is required to pay taxeson the ordinary income as per section 6-5 of the Income Tax Assessment Act 1997 and statutoryincome as per section 6-10 of the Income Tax Assessment Act 1997. The provisions under taxlaw provides that an individual can claim deduction for expenses incurred under section 8-1 ofthe Income Tax Assessment Act 1997. The existing structure of the taxation system in Australia
Advantages of the Taxation in Australia_3

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