Income and income tax

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When do we need to pay tax and when don't we? Discover the different types of income and test your knowledge about when and where tax should be paid.

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  • Fact 11

    The first new tax introduced after Federation was the Bank Notes Tax Act 1910 which introduced an Australian currency. It imposed a 10% tax on bank notes that had been previously issued privately. The new national currency first appeared in December 1910.

Franking credit

A credit paid to shareholders for the tax already paid on a dividend distribution by the company. Franking dividends were formerly called imputation credits.

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