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South Australia was the first Australian state to introduce a land tax, based on the unimproved capital value of land, in 1884. [6] [7] In 1910, George Allen (first secretary to the Treasury) founded the Land Tax Office to service land taxes at the federal level as a form of wealth tax and as a means to break up large tracts of underutilised land.
The Treasurer of Victoria is the title held by the Cabinet Minister who is responsible for the financial management of the budget sector in the Australian state of Victoria. This primarily includes: [ 1 ]
For example, a fringe benefits tax (FBT) is not a tax on property; it is a transaction affected by FBT which can result in a State being liable for FBT. [7] Similarly, the Commonwealth can impose a tax on a state employee. The Commonwealth is exempt from some state taxes, such as land taxes and stamp duties, being taxes on property.
The department is one of Victoria’s oldest institutions, predating the Parliament of Victoria by more than a decade. As well as being involved in collecting revenue from land sales and customs duty , the treasury became the principal agency responsible for the sale and safe storage of gold extracted from Victoria’s mines in the second half ...
The associated land valuations were contentious with more than 1,800 appeals and objections received by the middle of 1913. [4] In his first year, commissioner McKay had underneath him 105 tax officers, assessed approximately 15,000 land tax returns and collected £1.3 million to £1.4 million.
A land value tax is a progressive tax, in that the tax burden falls on land owners, because land ownership is correlated with wealth and income. [ 3 ] [ 4 ] The land value tax has been referred to as "the perfect tax" and the economic efficiency of a land value tax has been accepted since the eighteenth century.
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Payroll tax is a general purpose tax assessed on the wages paid by an employer in Western Australia. The tax is self-assessed in that the employer calculates the liability and then pays the appropriate amount to the Office of State Revenue, by way of a monthly, quarterly or annual return. From 1 July 2014: [32] The rate of payroll tax is 5.5%.