KEYTAKEAWAYS
Indirect Tax on Specific Australian Manufactured Goods.
CONTENT
DEFINITION
Excise Duty – Indirect Tax on Specific Australian Manufactured Goods
Excise duty is an indirect tax imposed on particular categories of goods produced or manufactured within Australia. This tax is levied on items like petroleum products, alcoholic beverages, tobacco products, and coal, to name a few. The purpose of excise duty is to generate revenue for the Australian government while regulating the consumption of specific goods.
The rates and regulations of excise duty are typically set by government authorities and may vary based on the type of product. Excise duty is collected from manufacturers and producers, and the tax is often included in the retail price of the goods. The revenue generated through excise duty contributes to government finances and is used for various public services and infrastructure projects.
Understanding excise duty is important for manufacturers, producers, and consumers, as it impacts the cost and pricing of specific goods in Australia.
