Understanding Taxation Of Returns On Property Holdings Essay

1121 WordsSep 8, 20165 Pages
Understanding taxation of returns on property holdings is necessary before entering and investing in Australian market. A comprehensive study of the government regulations and the existing tax structure will help individuals and corporate in making informed choice about investing in the precarious housing market. Australia, officially the commonwealth of Australia is a country comprising six states, namely, New South Wales, Queensland, South Australia, Tasmania, Victoria and Western Australia. To govern these states, the federal system is divided into three broad categories which are Federal government, state government and local government. The Federal government has the power to make the laws for all Australian Territories. Specific areas of legislative power are given to the federal government which includes taxation, defense, foreign affairs and postal and telecommunications services. The state government is permitted to pass laws related to any matter that is not controlled by the Commonwealth under Section 51 of the Australian Constitution . Some of the key responsibilities handled by the state government are -Agriculture, Education, Electricity and gas supply, health, housing, public transportation and law and order. Local government also known as local councils, handle community needs like waste collection, public recreational facilities and town planning. The State government oversees the work and responsibility of the local government and decides what

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