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Different types of taxes that every student pays

You grow up believing that you were not paying any taxes. That is a common misconception as we are paying taxes all the time. There are some of us who don’t realise this fact until they have children, and they start paying taxes almost everywhere they go.

Now that we know that being a student doesn’t save you from the atrocities of the taxation system, we must know the places we pay taxes. You will find these charges on every single bill you pay. That’s when you’re jobless. Working students have to pay the income tax, plus the medical levy of 2% of total income. Amount of income tax varies from 0-45%. However, given are the taxes that we pay daily, when in Australia:

1.Goods and Services Tax:

Australian government charges 10% on the goods and services we avail from the market, and you may be paying a lot of it. Everything that you buy and services you acquire from a market come with a tax. GST was not always there. Before GST, people used to pay Value Added Tax, Service Tax, etc. Later, they were combined in a way that the sum creates enough revenue to support the states and territories.

2.Custom Duties

This form of tax is applicable on the imported goods. If you have purchased goods from let’s say, Jamaica, you’ll have to pay customs at the airport when you visit to pick up your stuff. The amount of custom depends upon the price tag of your product. There are several categories to classify your product from. You can check online and figure out the amount of taxes you’ll be paying on your next import.

3.Excise Duties

Excise duties are partly opposite of custom duties. There is no doubt that it is a form of tax, but you pay it on the goods that are traded within the country. The excise duties on certain products are decided by the government depending upon the price. The products that you generally pay excise on are alcohol, petroleum, tobacco, and coal. If you want to trade excisable goods in Australia, then you need to be registered with the Australian Taxation Office (ATO).

4.Fuel Tax

Fuels are taxed as per the excise duties, and then additional 10% GST contributes a little more to it. However, if you are a business person, you may get exemption on the taxes, and at certain excise-free fuel stations, you don’t have to pay the excise. Various types of fuels require different amount of taxes to be paid for it such as $0.396 per litre on unleaded petrol, and $0.129 per litre on Liquified Petroleum Gas (LPG), etc.

5.Toll Tax

Freeways in the eastern states hold toll booths. Tollways can be found in New South Wales, Queensland, and Victoria, all of which lie within the urban boundaries of Melbourne, Sydney, and Brisbane. There are seventeen toll roads that are currently collecting fee of passage, out of which the Melbourne city link collects the most by a substantial amount.

Do not worry, for you couldn’t have escaped the taxes wherever you go. A small percentage of your money you only spend to make your country a better place to live in. The money that you pay to the government goes into building roads, providing medical health-care programs, and other development services. To know where government is spending your taxes, read through every year’s budget. That will enlighten you how and where government plans to dispense money.

Knowing day-to-day taxes helps you in planning your budget as well as writing detailed write-ups about taxation. However, if you are stuck in any important task other than the assignment, contact Instant Assignment Help Australia. We provide best-in-class taxation assignment help services at the prices so affordable, you won’t have to give another thought before hiring us.

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