HI6028 Taxation, Theory, Practice & Law course is all about detailed knowledge on taxation, practices, and application of law in favor of business economics. This course is favored for the students for commerce graduates who are willing to boost their career in the direction of taxation laws and their effective implementation. Taxation is the process of incurring taxes by a authority such as the government on the economic activities carried out by an organization or firm in the territorial jurisdiction of the said government. Levying different means of taxes are not simple indeed but there are requirements of residents or citizens for paying taxes to the government.
Taxation is not a new terminology that has set its place of importance after the 19th century or with the rise in economic activities. However, taxation is something that has been practiced since the inception of early historic civilizations and ancient times. Taxation can be applied to all forms of revenues of the government related to the generation of income via involuntary levies, levies on capital gains, and different forms of estate taxes. Hence, HI6028 task answers will comprehensively cover all necessary areas of taxation with proper theories, legal aspects, laws, and their judicious application.
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Unit details of this course include the following:
Unit code:- HI6028
Study level:- Postgraduate
HI6028 assessment answers of the course will be made on the basis of understanding of students and their ability to grasp the concepts of taxation in business. With the increasingly growing economic activities in the second decade of the 21st century, the major impetus of taxation and filling the fiscal via direct taxes have been markedly given.
Taxation has is not just limited to economic activities and corporate taxation. It has expanded across a larger domain of economies such as in selling of properties, fixed deposits, and other kinds of transactions related to business and non-business purposes. Hence, marked complicity is there is taxation and understanding relevant laws for propagating smooth businesses and other activities. However, for businesses or organizations, tax fraud, and disputes are very common in most of the commonwealth nations that follow the ancient technique of income tax based on the old British model taxation.
As per the fiscal policy of Australia, the nation is largely dependent on income taxes or other forms of direct taxes. Not only are income taxes getting impetus with respect to the enormous rise the number of start-ups, but also indirect taxes such as GST is getting prior importance. Being a federal economy, the federal government collects GSTs for the entire nation and then distributes them to the respective states via the Commonwealth Grants Commission. However, the policymakers of the nation have managed to keep the tax burden far below the global average and for Australia, the tax burden is approximately 28% of its GDP as per the data of 2018. The surge in direct tax collections implies more economic activities and rapid response of economic resilience for a coming quarter of a concerned fiscal year.
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A rise in taxation and government revenues implies that the government is nurturing conducive business environments or for other economic activities such as trade and commerce. Healthy reports of taxation also mean a significant rise in construction activities via positive support from the existing supply chain in the concerned country, the future scope of growth, and other invisible opportunities that facilitate social security expenditure by the government. The course is designed exactly as required by the businesses in Australia with respect to the expectations kept by the government agencies keeping the COVID-19 scenario and post-COVID resilience of the economy of Australia.
The weightage of the course in this semester is equivalent to 3 credit points which will be evaluated on the basis of acumen in taxation and profound knowledge of tax legislation in Australia. Students will be thoroughly assessed on the basis of their concepts and clarity of the subject with a basic understanding of how the taxation system works in the context of the Australian treasury.
There are numerous kinds of taxes such as direct taxes like income tax, corporation tax, security transaction, payroll taxes, Tax Deduction at Source, and indirect taxes like GST, customs duty, and charges on road tax, toll tax, professional tax, and other forms of cess such as health cess, education cess, clean energy cess, road or fuel cess, and agricultural taxes. The more is the revenue from taxation, the better is the chance for the government to expend various forms of welfare benefits for the citizens.
Australia has significantly increased its taxation by all terms involving both direct and indirect taxation and cess. There is a marked rise in the number of welfare schemes by the government and consequently, capital expenditure has risen to a large extent. However, revenue expenditure involving existing maintenance and smooth functioning of various socialization schemes have also been raised over the years for beautification of the Australian Welfare State.
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