Taxation refers to a type of fees that is levied by the government on individuals or companies. The justification of taxation is that it exists and is imposed to fund the expenditures of the government like development and maintenance of public heath care centres, educational institutions, parks, roads etc. There are different types of taxes which are imposed by the government.
Following are the various taxes
- Income tax: This tax is imposed by the government on the financial income that is pro created by all the elements and organisations of the nation that is within its jurisdiction.
- Corporate tax: This tax can be defined as the one that is collected on the profit of any business.
- Capital gains: This is a tax that is imposed on the capital gains or we can say the profits that are earned by the people or various businesses through selling certain assets like bonds, stocks or real estate.
- Property tax: Any body who owns a property has to pay a tax called the property tax. The local government levies this tax which has to be paid by the owner of the property. The value of the tax is determined based upon the land values and the property.
- Sales tax: This is a tax which is imposed by the government on the sales of goods and services. It’s a consumption tax.
If one is a tax payer he definitely needs to have a good advice in the matters if taxation. Expert tax solutions in Bankstown is all what you need.