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The range statement relates to the unit of competency as a whole. It allows for different work environments and situations that may affect performance. Bold italicised wording, if used in the performance criteria, is detailed below. Essential operating conditions that may be present with training and assessment (depending on the work situation, needs of the candidate, accessibility of the item, and local industry and regional contexts) may also be included. |
The purpose of taxation includes but is not limited to: | financing government activitymaintaining equity in the national economypromoting efficiency where markets fail to control pollution or health dangerssocial infrastructuresocial services. |
Ways that tax is collected include: | through federal taxes including:personal income taxsalaryself-employmentinvestment incomesuperannuation contributionsbusiness income taxCapital Gains Tax (CGT)customs and excise dutiesforeign income or investment taxesFringe Benefits Tax (FBT) Good and Services Tax (GST) luxury car taxMedicare levywine equalisation taxthrough State and Territory taxes, including:debits taxland taxpayroll taxstamp duty. |
The Australian Tax Office (ATO) roles include: | managing and shaping tax, excise and superannuation systems that fund services for Australiansmanaging and shaping the revenue systems that sustain social and economic policy and fund services for Australiansadministering legislation for taxes, superannuation and exciseaddressing broader issues affecting Australia's revenue systems, such as: aggressive tax planning persistent tax debtors globalisation the cash economy. |
Taxation revenue may be used to provide: | assistance to business and farmingcultural and artistic resources and supportdefence and border protectioneducationenvironmental protectionessential infrastructure such as: roads transport systems public building sport and recreation amenitiespublic housingforeign representation and trade promotion for Australiahealth carejustice systemspublic safetyscientific and other researchwelfare, income and community support systems. |
Terminology used in personal taxation may include: | accrued interestallowances assessable incomecapital gain/appreciationdeductionsdividends:franked unfrankedentitlementsgross incomeHigher Education Contribution Scheme (HECS) Higher Education Loan Program (HELP)negative gearingPay As You Go (PAYG)salary sacrificesuperannuation contributionsTax File Number (TFN)taxable income. |
Rates of personal tax and calculators can be accessed from: | Australian Taxation Office (ATO) publications and websiteaccountants and tax agents. |
Tax returns can be completed: | accountantby an individualtax agenton-line or in written form. |
Sources of ongoing information may include: | accountants and other financial services professionalsAustralian Taxation Office (ATO)Industry associations and professional organisations State and Territory government agenciesTaxpayers Australia. |
The structure of business includes: | sole trader: an individual trading on their ownpartnership: an association of people or entities carrying on a business together, but not as a companytrust: an entity that holds property or income for the benefit of otherscompany: a legal a legal entity separate from its shareholders.NB Business' have an Australian Business Number (ABN) or and Australian Company Number (ACN) to identify them for taxation and other government reporting purposes. |
Business tax is assessed through: | Business Activity Statements (BAS)payrollallowable deductionscapital gainsfinancial adjustments such as:write-offs revaluationsprofits and lossessuperannuation paymentsfringe benefits assessment. |
Individualscan determine their tax liability by: | assessing income:capital gainsemployment foreign investmentpensions, payments and annuitiesrental property incomeassessing deductions:allowable medical expenses and private health insurance rebatescapital lossesdependent rebatesgifts and donationspensioner and mature age worker offsetsrental property expensestax offsetswork related clothing expenseswork related education expenseswork related travel expenseszone and overseas forces allowances. |
Small business operatorspaytax by: | lodging Business Activity Statements (BAS) and paying Pay as You Go (PAYG) instalments to the ATO lodging returns and paying State and Territory governments:land tax where applicablepayroll tax (rate varies by jurisdiction and depends on size of payroll so many small business operators are exempt)stamp duty on:hire purchase agreementsinsurance policesleases and mortgagesmotor vehicle purchasesproperty transfer. |
Under or overpayment of tax may involve: | claiming interest on early payments that may be possible for certain tax categories such as:income tax Higher Education Loan Program (HELP)Higher Education Contribution Scheme (HECS) Student Financial Supplement Scheme amended assessments of earlier yearspaying interest on overdue amounts. |