The Federal Government is set to release a $4 billion package to increase the amount of wood in Australian homes.
The government has promised to increase a wood tax, with the aim of encouraging people to buy wood.
The tax is currently on a sliding scale, with a small levy of 1 per cent of household income.
The levy is supposed to be collected annually, but this will increase to 5 per cent in 2020 and then 5 per the following year.
This means the tax will go up by $1,100 in 2020.
The $4.3 billion package will be available for public consumption, and will be released in the next budget, when the Government plans to cut funding to the ABC, and the Department of Agriculture and Water Resources (DAWR) to support its new carbon capture and storage (CCS) program.
This is due to be unveiled on October 20.
Here’s what you need to know.
How do I buy more timber?
How do you buy wood?
The Federal Budget announced last week that the Government would be introducing a new tax on wood.
It will be on a fixed rate of $1 per $100 of household disposable income, from 1 April 2020.
Wood tax rates will vary depending on the property type.
The rate of the levy will vary between 1 and 5 per $1.
The GST will be added to the levy to help fund the program.
How does it work?
The wood tax will increase the cost of wood.
Wood products will be taxed at the standard 10 per cent GST rate, with additional tax collected by the Commonwealth at the rate of 10 per $5 of household household disposable.
The carbon tax will be collected by households in the form of an indirect levy, with households paying a surcharge to the Commonwealth.
The surcharge is set at a fixed amount of $3,500 per household.
The amount of surcharge collected by a household will depend on the amount that household earns.
Where do I pay the tax?
Wood products are tax deductible in Australia, unless they are exempt from tax under other provisions of the GST Act.
In this case, they are subject to GST.
If you want to buy a wood product in Australia you will need to contact the retailer.
You can also check with your local authority or State and Territory Government to find out how to pay the wood tax.
Will the tax go up?
The $1 wood tax on a $100 household will increase by $4,500, or 5 per dollar.
If the levy is higher than that, the rate will increase, or the surcharge will increase.
How much will it cost?
The Government has estimated the levy at $4 million over the next 10 years, and expects it to increase by the same amount each year.
The Government is also committed to increasing the amount to $5 million per year by 2020.
However, it’s not yet clear whether this will happen, or whether the levy could be reduced to $2 million per annum, or $1 million.
The Treasury has also been asked to provide an analysis of the impact on the Australian economy of the new wood tax as it applies to Australia.
What if I have other items in my home that could benefit from a higher tax?
The levy will apply to wood products in many different types of homes, including kitchen cabinets, furniture, stoves, and kitchen cabinets.
It’s also applied to wood, but not to paper products such as paper towels.
The main categories of items that are exempt are: furniture, appliances, and fixtures