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The assigned topic is all about the Australian tax law, taxation system, ad taxation rulings. We have understood that tax is an essential unit that would strengthen the whole nation. It is the need of an effective, accountable and transparent taxation system for the development of the nation. We know that every nation is a reflection of the resources and their development. If human resources develop then it would present the scenario of the nation too. Hence, effective taxation system is responsible for the development of the whole system. The taxation system is necessary to collect the taxes from the public and pay for the accomplishment of the national needs. Further, we got to know that the Australian taxation system is administered by the Australian Taxation Office. Australian taxation system is the principal authority for the collection of revenues. The Australian Taxation Office is authorized by the Australian government for collecting revenues. The primary objective of the Australian taxation system is to lead tax and superannuation administration to maintain the integrity of the Nation. We got the opportunity to understand the income tax assessment acts and its computation. We have studied one of the components of taxation system and its importance like the travel expenses. Work-related exemptions are applicable which include vehicle and travel expenses, official accommodation expenses, phone and internet expenses, overtime meals, self-education expenses, and other work-related deductions. Now we can understand the need for the tax and taxation system. Our taxation knowledge is improved after the study on it and by the learning from it.
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