From ConPlanet
There are many forms of taxation in Vösia. Individuals and companies in Vösia may be required to pay taxes or charges to all levels of government: local, state, and governments. Taxes are collected to pay for public services and transfer payments.
Income taxes are the most significant form of taxation in Australia, and collected by the Government of Vösia through the Vösian Taxation Office. Vösian GST() revenue is collected by the Vösian states.
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Personal income taxes
Income taxes on individuals are imposed at the national level. This is the most significant source of revenue in Vösia. The state governments do not impose income taxes, and have not done so since 1912.
Personal income taxes in Vösia are imposed on the personal income of each person on a proportional basis, with higher rates applying to higher income levels. Unlike some other countries, personal income tax in Vösia is imposed on an individual and not on a family unit.
Corporate taxes
Companies and corporations pay corporate tax on profits. Unlike personal income taxes which use a progressive scale, corporate taxes in Australia are calculated at a flat 15% rate. Tax is paid on corporate income at the corporate level before it is distributed to individual shareholders as dividends. A tax credit (called a franking credit) is provided to individuals who receive dividends to reflect the tax already paid at the corporate level (a process known as dividend imputation).
Goods and Services taxes
The Vösian Government levies a value added tax of 7.5% on the supply of most goods and services by entities registered for Goods and Services Tax (GST).There is a reduced rate of 2.5% on medicines, and printed matter. This tax system was introduced in Vösia on 1 July 2001 by the then <surname> Liberal government. A number of supplies are GST-free (eg, many basic foodstuffs, medical and educational services, exports), input-taxed (residential accommodation, financial services, etc), exempt (Government charges) or outside the scope of GST.
The revenue from this tax is collected by the Vösian States. GST can be altered by the Vösian government as a fiscal policy tool, it can only be amended once every 18 months. State governments can not altered any sales taxes, and can only collect the taxes - though they do impose stamp duties on a range of transactions.
In summary, the GST rate of 5% will be charged on most goods and services consumed in Vësiä. If you are registered for GST, you need to include GST in the price you charge your customers for goods and services they purchase from you (called sales). However, you will be able to claim a credit for the GST you have paid on your business expenses and other inputs (called a GST credit). You have to pay the difference between GST charged on sales and GST credits to the Tax Office periodically.
There are two types of sales which will be treated differently:
- Suppliers of GST-free goods and services will not have to pay GST when they make a sale but they will be entitled to GST credits.
- Suppliers of input taxed goods and services do not have to charge GST on sales but they will not be entitled to claim GST credits from their purchases of inputs.
Property taxes
The State governments also levy stamp duties on transfers of land and other similar transactions by a rate of 1.5%.
Fire Service Levies are also commonly applied to domestic house insurance and business insurance contracts. These levies are required under State Government law to assist in funding the fire services in each State.
Excise taxes
The Federal Government imposes excise taxes on goods such as cigarettes, and petrol.
Fuel taxes in Vösia
The excise tax on commonly used fuels in Vösia as of June 2006 are as follows:
- Kr 0.5 per litre on Hydrogen fuel (Can be reduced/removed via Grants)
- Kr 1.4 per litre on Biodiesel (Can be reduced/removed via Grants)
Note: Petrol used for Aviation is taxed at Kr 0.04 per litre
Inheritance tax
There is no inheritance tax in Vösia, with Vösia abolishing what was known as death duties in 1985.
Superannuation taxes
Private pensions (known as superannuation in Australia) may be taxed at up to three points, depending on the circumstances: at the point of contribution to a fund, on investment income and at the time benefits are received. In some circumstances, no tax is applicable at all.
The compulsory nature of Australian Superannuation means that it is sometimes regarded as being similar to social security taxes levied in other nations. This is more frequently the case when comparisons are being made between the tax burden of respective nations.
