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Bank Account Debits Tax
Bank account debits tax (BADT or BAD) was an Australian bank transaction tax levied on customer withdrawals from bank accounts with a cheque facility (both withdrawals made by cheque or by another means, such as EFTPOS). The tax was introduced by the federal government in 1982. The power to levy the tax was transferred to the states in 1990, except for Norfolk Island which did not charge it. The tax was abolished by the states on dates between 1 July 2002 and 1 July 2005 as part of the package of reforms for the introduction of the goods and services tax. The financial institutions duty was also abolished as part of this package. The tax was based on the amount withdrawn, and varied by state. The final rates were per the following table. :{, class="wikitable" , , Tas , ACT, NT, NSW, Qld, SA, Vic, WA , - , less than $1 , , nil , , nil , - , $1 to less than $100 , , $0.15 , , $0.15 , - , $100 to less than $500 , , $0.35 , , $0.70 , - , $500 to less than $5 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Transaction Tax
A bank transaction tax is a tax levied on debit (and/or credit) entries on bank accounts. In 1989, at the Buenos Aires meetings of the International Institute of Public Finance, University of Wisconsin–Madison Professor of Economics Edgar L. Feige proposed extending the tax reform ideas of John Maynard Keynes, James Tobin and Lawrence Summers, to their logical conclusion, namely to tax all transactions. Feige's Automated Payment Transaction tax (''APT tax'') proposed taxing the broadest possible tax base at the lowest possible tax rate. Since all transactions must ultimately be paid for by a final means of payment, namely via a transfer from a bank account or by settlement with currency, Feige proposed collecting his tax by levying the tax automatically on the debit and credit entries to bank accounts, thereby splitting the tax between the buyer and seller of every transaction. The APT tax is a uniform flat-rate tax on all transactions, assessed and collected automatically wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Victoria (Australia)
Victoria is a state in southeastern Australia. It is the second-smallest state with a land area of , the second most populated state (after New South Wales) with a population of over 6.5 million, and the most densely populated state in Australia (28 per km2). Victoria is bordered by New South Wales to the north and South Australia to the west, and is bounded by the Bass Strait to the south (with the exception of a small land border with Tasmania located along Boundary Islet), the Great Australian Bight portion of the Southern Ocean to the southwest, and the Tasman Sea (a marginal sea of the South Pacific Ocean) to the southeast. The state encompasses a range of climates and geographical features from its temperate coastal and central regions to the Victorian Alps in the northeast and the semi-arid north-west. The majority of the Victorian population is concentrated in the central-south area surrounding Port Phillip Bay, and in particular within the metropolit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
History Of Taxation In Australia
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission. Australia maintains a relatively low tax burden in comparison with other wealthy, developed nations, at 27.8% of GDP in 2018. History When the first Governor, Governor Phillip, arrived in New South Wales in 1788, he had a Royal Instruction that gave him power to impose taxation if the colony needed it. The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import duties were put on spirits, wine and beer and later on luxury goods. After 1824 the Government of New South Wales raised extra revenue from customs and excise duties. These were the most important sources of revenue for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Securities Exchange
Australian Securities Exchange Ltd or ASX, is an Australian public company that operates Australia's primary securities exchange, the Australian Securities Exchange (sometimes referred to outside of Australia as, or confused within Australia as, The Sydney Stock Exchange, a separate entity). The ASX was formed on 1 April 1987, through incorporation under legislation of the Australian Parliament as an amalgamation of the six state securities exchanges, and merged with the Sydney Futures Exchange in 2006. Today, ASX has an average daily turnover of A$4.685 billion and a market capitalisation of around A$1.6 trillion, making it one of the world's top 20 listed exchange groups. ASX Clear is the clearing house for all shares, structured products, warrants and ASX Equity Derivatives. Overview ASX Group is a market operator, clearing house and payments system facilitator. It also oversees compliance with its operating rules, promotes standards of corporate governance am ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliament Of Australia
The Parliament of Australia (officially the Federal Parliament, also called the Commonwealth Parliament) is the legislature, legislative branch of the government of Australia. It consists of three elements: the monarch (represented by the Governor-General of Australia, governor-general), the Australian Senate, Senate and the Australian House of Representatives, House of Representatives.Constitution of Australia, Section 1 of the Constitution of Australia, section 1. The combination of two elected chambers, in which the members of the Senate represent the States and territories of Australia, states and territories while the members of the House represent electoral divisions according to population, is modelled on the United States Congress. Through both chambers, however, there is a Fusion of powers, fused executive, drawn from the Westminster system.. The upper house, the Senate, consists of 76 members: twelve for each state, and two each for the territories, Northern Terr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Bank Transaction Tax
A bank transaction tax is a tax levied on debit (and/or credit) entries on bank accounts. In 1989, at the Buenos Aires meetings of the International Institute of Public Finance, University of Wisconsin–Madison Professor of Economics Edgar L. Feige proposed extending the tax reform ideas of John Maynard Keynes, James Tobin and Lawrence Summers, to their logical conclusion, namely to tax all transactions. Feige's Automated Payment Transaction tax (''APT tax'') proposed taxing the broadest possible tax base at the lowest possible tax rate. Since all transactions must ultimately be paid for by a final means of payment, namely via a transfer from a bank account or by settlement with currency, Feige proposed collecting his tax by levying the tax automatically on the debit and credit entries to bank accounts, thereby splitting the tax between the buyer and seller of every transaction. The APT tax is a uniform flat-rate tax on all transactions, assessed and collected automatically wh ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Taxation In Australia
Income taxes are the most significant form of taxation in Australia, and collected by the federal government through the Australian Taxation Office. Australian GST revenue is collected by the Federal government, and then paid to the states under a distribution formula determined by the Commonwealth Grants Commission. Australia maintains a relatively low tax burden in comparison with other wealthy, developed nations, at 27.8% of GDP in 2018. History When the first Governor, Governor Phillip, arrived in New South Wales in 1788, he had a Royal Instruction that gave him power to impose taxation if the colony needed it. The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import duties were put on spirits, wine and beer and later on luxury goods. After 1824 the Government of New South Wales raised extra revenue from customs and excise duties. These were the most important sources of revenue for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Australia Bank
National Australia Bank (abbreviated NAB, branded nab) is one of the four largest financial institutions in Australia (colloquially referred to as "The Big Four") in terms of market capitalisation, earnings and customers. NAB was ranked 21st-largest bank in the world measured by market capitalisation and 52nd- largest bank in the world as measured by total assets in 2019. , NAB operated 3,500 Bank@Post locations—including 7,000+ ATMs across Australia, New Zealand, and Asia—and served 9 million customers. NAB has an "AA-" long-term issuer rating by Standard & Poor's. History Early history National Australia Bank was formed as National Commercial Banking Corporation of Australia Limited in 1982 by the merger of National Bank of Australasia and the Commercial Banking Company of Sydney. The resulting company was subsequently renamed National Australia Bank Limited. The expanded financial base of the merged entity triggered significant offshore expansion over ensuing years. R ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Australian Banking Association
The Australian Banking Association (ABA), formerly the ''Australian Bankers' Association'', is the trade association for the Australian banking industry. The ABA was founded in 1985 and is based in Sydney, New South Wales. The ABA represents twenty-two banks and associate members. It provides analysis, advice, and advocacy for the banking industry and contributes to the public policy development on banking and other financial services. The Australian Banking Association (ABA) is also the information source for the news media on the Australian banking industry by providing information, analysis, and context on industry issues. The ABA's stated goal is to advocate and promote policies for improvements and development of the banking industry through advocacy, research, policy expertise, and thought leadership. In 2020, under the CEO Anna Bligh, the ABA's public profile has risen due to the industry's response to Australia's "Black Summer" fires, and collective measures to help c ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Western Australia
Western Australia (commonly abbreviated as WA) is a state of Australia occupying the western percent of the land area of Australia excluding external territories. It is bounded by the Indian Ocean to the north and west, the Southern Ocean to the south, the Northern Territory to the north-east, and South Australia to the south-east. Western Australia is Australia's largest state, with a total land area of . It is the second-largest country subdivision in the world, surpassed only by Russia's Sakha Republic. the state has 2.76 million inhabitants percent of the national total. The vast majority (92 percent) live in the south-west corner; 79 percent of the population lives in the Perth area, leaving the remainder of the state sparsely populated. The first Europeans to visit Western Australia belonged to the Dutch Dirk Hartog expedition, who visited the Western Australian coast in 1616. The first permanent European colony of Western Australia occurred following the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
South Australia
South Australia (commonly abbreviated as SA) is a state in the southern central part of Australia. It covers some of the most arid parts of the country. With a total land area of , it is the fourth-largest of Australia's states and territories by area, and second smallest state by population. It has a total of 1.8 million people. Its population is the second most highly centralised in Australia, after Western Australia, with more than 77 percent of South Australians living in the capital Adelaide, or its environs. Other population centres in the state are relatively small; Mount Gambier, the second-largest centre, has a population of 33,233. South Australia shares borders with all of the other mainland states, as well as the Northern Territory; it is bordered to the west by Western Australia, to the north by the Northern Territory, to the north-east by Queensland, to the east by New South Wales, to the south-east by Victoria, and to the south by the Great Australian Bight.M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Cheque
A cheque, or check (American English; see spelling differences) is a document that orders a bank (or credit union) to pay a specific amount of money from a person's account to the person in whose name the cheque has been issued. The person writing the cheque, known as the ''drawer'', has a transaction banking account (often called a current, cheque, chequing, checking, or share draft account) where the money is held. The drawer writes various details including the monetary amount, date, and a payee on the cheque, and signs it, ordering their bank, known as the ''drawee'', to pay the amount of money stated to the payee. Although forms of cheques have been in use since ancient times and at least since the 9th century, they became a highly popular non-cash method for making payments during the 20th century and usage of cheques peaked. By the second half of the 20th century, as cheque processing became automated, billions of cheques were issued annually; these volumes peaked ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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