Ostroff, Fair and Company
*Ostroff, Fair and Company>>>Australia Taxes

Explain the difference between bank charges and government taxes and duties?


I'm doing a bookeeping course and I need to put in writing the difference between bank charges and government taxes and duties which appear on a businesses bank statement.

Bank charges are kept by the bank as their income.

Government taxes and duties are those they pass on to the state/territory govt. These are usually the 'debit tax', which most (if not all) states and territories are getting rid of because they should be replaced by the GST funds they receive.
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