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Explain the purpose and components of the Australian tax law system. What are its strengths and...

Explain the purpose and components of the Australian tax law system. What are its strengths and weaknesses? How could it be improved? Discuss in relation to any proposals for tax reform that you have read or heard about.

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Answer #1

The Australian tax system works by charging a higher tax rate if you earn a higher income. It is a marginal income tax system.

Advantages:- Capital Mobility is made easier , Labor mobility

Drawbacks :- it destroys the tax neutrality,  it affects the tax structure of other nations, increase in the cost of tax

Improvement areas :- The solution to this problem lies in establishment of an organization such as OECD which attacks it on a broad multilateral basis.  

Individual investors are required to invest in an OECD member country in order to earn adequate returns on their capital with lesser risks.

OECD member countries witness a concentration of about 85% of the world’s MNCs. This trend is likely to continue because of presence of established commercial and securities law protection to investors in OECD member nations which is not seen in other countries.

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