Tax law is defined as an area of legal study which deals with the regulatory rules that constitute the law applicable to taxation, including constitutional law, common law, statutory law, and tax treaties. Every country has a system of taxes based on income, property, sales, import, export, use of public utilities and other aspects.
Taxes are charged to fill the national coffers and are used to provide a better means of communication, transport, water, medicine and other amenities to all citizens. The collection and use of taxes are governed by laws that differ in every country. Therefore, every responsible citizen should have a good concept of the taxation law of his or her country.
Australian Tax Law
There are many basic forms of tax in place in Australia, including:
- Personal income taxes which form the most significant part of Australian taxes
- Capital gains taxes
- Corporate taxes
- Trustee liability taxes
- Goods and services taxes
- Property taxes
- Departure taxes
- Fuel taxes
- Luxury car taxes
- Custom duties
- Different payroll taxes for Australian Capital Territory, New South Wales, Queensland, Northern Territory, South Australia, Tasmania, Victoria, and Western Australia
- Fringe benefit taxes
- Inheritance taxes
- Superannuation taxes.
All of these taxes are covered by the Australian tax law system, which includes their collection, penalty for defaulting them, the amount payable by individuals, and individuals who qualify to pay taxes and receive related benefits.
Australian Tax Law Courses
A standard tax law institute offers programs or single subjects to study Australian tax law. Students can choose from postgraduate programs that offer subjects like CTA1, CTA2A, and CTA2B apart from the general topics already discussed. There are dedicated courses for students choosing a career in Chartered Tax Adviser or Tax Agent or a Financial Tax Adviser or a BAS Agent. These tax law courses also comprise commercial law for financial advising, Australian legal systems, Entities and Business Structure.
The general topics covered by tax law courses include:
- Operations of current tax systems and reform options
- Income, offsets, and deductions
- Partnership trusts
- Tax for capital gains
- Shareholders and corporations
- Dividend substitution systems
- Rules for consolidation
- Accounting
- Allowance for capital
- Taxation for small business
- Financial transactions
- International taxation
- Equity, debt, and returns
- Thin capitalization
- Tax avoidance
- Superannuation
- Tax on fringe benefits
- Tax for services and goods tax
- Assessments, appeals, and tax collection
- Australian Tax Office investigations, including penalties and offences.
A career in tax law is lucrative and offers significant potential to scale the heights of government related service in Australia. The study of tax law requires meticulous planning, attention to detail, concentration and an urge and curiosity to keep oneself updated on a regular basis about any developments in the taxation structure of the country.
Tax law students are not only expected to maintain the rich and indispensable taxation structure of the nation but also help to reform it so that neither the citizens face the pressure of heavy taxation system nor the government faces any loss. They are also required to have a good understanding of international finances in order to make maximum use of the taxation system.
