This tax encouraged individuals who owned large tracts of land to make it available for settlers. Much of this land was held by residents of England who rarely used their land. The goal was to see the land used more productively (Commonwealth of Australia, 2004).
In 1915 the federal government instituted its own income tax as well. This federal tax rapidly swelled the country's income, and by 1918, income taxes made up one third of the federal government income and up to half of the states' incomes (Commonwealth of Australia, 2004).
This tax system was refined in 1942, with much of the federally-collected revenue being returned to the Territories and States. Currently, Australia uses a "pay-as-You-Earn" (PAYE) system for wages and salary, and a support "provisional tax" pay method for income other than wages or salary (Commonwealth of Australia, 2004).
Australia also passed a sales tax in 1930. This tax is applied to imports and is paid at the wholesale level. The wholesaler builds the cost of that tax into retail pricing plans (Commonwealth of Australia, 2004).
Australia embarked on a major restructuring of its economy in the 1980's (USDOE, 2004) after experience severe inflation (Stevens, 2003). As part of this restructuring, the country shifted its economic emphasis from domestic emphasis to a country that competes on the world market. They reduced high tariffs and other barriers to world trade, floated the exchange rate for the Australian dolor, deregulated banks, loosened rules for foreign banking, reorganized labor relations, privatized many public utilities, and overhauled their tax system. This overhaul included the establishment of a Goods and Services tax (USDOE, 2004).
FINANCIAL STATISTICS
Australia has a variety of natural resources including bauxite, coal, iron ore, copper, tin, silver, uranium, nickel, tungsten, mineral sands, lead, zinc, diamonds, natural gas, petroleum (CIA, 2004). Industries include mining, manufacture of industrial and transportation equipment, chemicals, steel, and tourism (CIA, 2004). Agriculture makes up a small amount of the country's GNP, as only about 6 1/2% of the country is arable (CIA, 2004). Australia's economy is based on a capitalist system, and...
S. President George W. Bush. Thus, when the blast in Bali, at the southern point of Indonesia, directed the fury of 9/11 at a popular attraction to Australian holiday-makers, Australia became a nation motivated in foreign policy by the apparent threat of global terrorism. This would be demonstrated by its unwavering willingness to follow the United States even into its poorly-informed and ill-advised invasion of Iraq, providing combat troops and civilian military aid. During the lead- up
As we take a broader view of the Australian employment landscape, a very different picture emerges. The inaugural census of women in business (released in 2002) surveyed the top 152 companies listed on the Australian Stock Exchange and reported that women held 8.4% of executive management positions, 52.6% of companies had no women executive managers, only 17.8% of companies have two or more women executive managers, and women held
S. And hence disturb Australia's trade relations with China which could prove detrimental to its economy. Australia has to find a happy medium so that it would be viewed as a hostile neighbor in its own region: "while Kevin Rudd is not an alliance critic in the mold of Mark Latham he will take great care for his country not to be viewed by its Asian neighbors or extra-regional powers
history of Management Accounting in a ten-page paper and review product costing, investment analysis and organizational performance evaluation over the past 150 years. Read Relevance Lost: The Rise and Fall of Management Accounting and reference four other articles that describe the evolution of Management Accounting. This paper examines the role of management accounting over the years as a system for determining an organization's performance and profitability. This paper further analyses the
Britain, Australia The concept of transportation as a punishment for criminals dates back to before the establishment of the Australian colonies. The first British law establishing transportation as a means of dealing with criminals was the Transportation Act of 1718. This imposed sentences of transportation to the American Colonies for offences seen as too serious to be adequately punished by whipping but not serious enough to merit the death penalty. The
Direct to Consumer Advertising HISTORY OF DRUG ADVERTISING THE DTC ADVERTISING PHENOMENON CREATING DEMAND DECEPTIVE ADVERTISING - A WOLF IN SHEEP'S CLOTHING CAUSE OF DEATH PROFIT UTILIZATION, PRICING, AND DEMOGRAPHICS LEGISLATION, POLITICS AND PATENTS LEGISLATIVE INITIATIVES REGARDING DTC RECALLED and/or DEADLY DRUGS In order to provide the most efficient method of evaluation, the study will utilize existing stores of qualitative and quantitative data from reliable sources, such as U.S. Government statistical references, University studies, and the studies and publications of non-profit
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