25.Other TaxesCustoms and Excise. Australia has adopted many international customs agreements, including those relating to valuation, antidumping, and tariff classification. The customs tariff has been comparatively protectionist by international standards; however, a gradual program of tariff reduction has been in place for several years. Most goods are
now subject to rates of 5%. Motor vehicle tariff rates will phase down to 15% by the year 2000. Customs duty rates applying to textiles, clothing, and footwear will also phase down so that by the year 2000 they will be at levels of 10%, 15%, or 25%, depending on the goods involved.
Whereas customs duty is imposed on imported goods, excise duty applies to locally manufactured goods. Excise duty currently is imposed on such products as oil, petroleum products, beer, spirits, cigars, cigarettes, and tobacco.
As customs duties are normally applied as a percentage rate, the valuation of imported goods has implications. In most cases,imported goods will also be subject to sales tax levied on the taxable value of the goods, which is usually the sum of the customs value plus customs duty. Concessional rates of duty are available at either 3% or a nil rate of duty in certain circumstances.
Land and Property. All Australian states and the Australian Capital Territory impose a tax based on the value of land. Local municipalities may also impose a tax based on the value of land.
Stamp Duty. Each state and territory imposes duties, usually ad valorem, on transfers of property, including real estate. Duties also are imposed on certain transactions (e.g., insurance, hiring arrangements, and leases).
Financial Transaction Duties. Most states and territories impose a tax on the receipts of financial institutions and impose a tax on debits made to certain bank accounts.
Fringe Benefits Tax. A separate federal tax is imposed on all employers, whether resident or nonresident (except public benevolent institutions), with respect to the total taxable values of specified fringe benefits provided to employees (or associates), including employer-provided cars, free or low interest loans, residential accommodations, expenses paid on behalf of employees, certain types of employer-provided entertainment and travel, and goods and services provided by employers. The tax applies to benefits provided in relation
to employees who are residents of Australia (except where the relevant salary or wages of the employee is exempt from Australian income tax) and to nonresident employees whose salary or wages from the employment has an Australian source.
The rate of tax on the tax-inclusive amount?of the taxable value of benefits is 48.5% for the year ending March 31, 1998, and the following years.
The amount of fringe benefits tax due and payable is an allowable deduction to employers. Fringe benefits tax is self-assessed, without need for any notice of assessment from the taxation authorities. Each employer must calculate the amount of tax that is due and pay that amount and file a return no later than the 28th day following the end of the fringe benefits tax year (i.e., by April 28). Quarterly installments are payable in most cases during the course of the year.
Superannuation Contributions Surcharge. A superannuation surcharge?(tax) applies to superannuation contributions made after August 20, 1996, if the fund member adjusted taxable income?(broadly, taxable income plus tax deductible contributions) exceeds a specified threshold
($73,220 in 1997?8). The surcharge rate phases in above this amount, with the full 15% rate applying once adjusted taxable income exceeds $88,910. The surcharges also applies to certain golden handshakes?from employers and if a fund member does not quote a tax file number. In most cases, the surcharge is collected from the superannuation fund on the member behalf, although situations may arise in which the individual is liable.
COMPUTATION OF TAXABLE INCOME
26. Capital Gains
See item 3.
27. Depreciation and Depletion
Plant. Most plant acquired or constructed by a taxpayer after July 19, 1982, and before May 25, 1988, is eligible for accelerated write-off over three or five years. For plant acquired or constructed by the taxpayer after May 25, 1988, and before February 27, 1992, the rate of depreciation is based on the estimated effective life (see below) of the asset, increased in most cases by a loading of 20%. The 20% loading
does not generally apply to light motor vehicles (i.e., vehicles designed to carry a load of less than one ton or fewer than nine passengers). For most plant acquired or constructed by the taxpayer after February 26, 1992, that has a long effective life, accelerated rates of depreciation are available. Th
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