Tax 101 explores the reasons tax is collected and examines how governments use tax to provide services needed by the community, and the role of the ATO. Choose a topic to investigate or use the breadcrumbs to return to the course overview page.

 

Pre-test: How much do I know about tax?

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Tax 101: understanding tax
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Pre-test: How much do I know about tax?
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Before you start Tax 101, let's see how much you already know about tax. Answer these questions to find out. After you have finished Tax 101, you can re-sit this test to find out if you are a tax genius!

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Wacky facts

  • Fact 3

    'Taxes, after all, are dues that we pay for the privileges of membership in an organised society'. Franklin D Roosevelt

Glossary

Capital gains tax (CGT)

A tax on the profit made when selling or disposing of an asset such as investment properties, shares and collectables. The net capital gain amount, or the discounted capital gain amount in certain circumstances where a discount applies, is added to assessable income and income tax is then calculated on the taxable income. A person’s main residence (their home) is generally exempt and motor vehicles are exempt from CGT.

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