One poetic Australian taxpayer wrote to the ATO: 'Spring is sprung, the grass is riz, I wonder where my return iz. My "rego’s" due, my cash is nil, a cheque from you would pay the till'.
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The proportion of taxable income that is paid as tax. The income tax rate is expressed as a percentage or in cents-per-dollar. Companies have a set tax rate, unlike individuals, whose tax rate increases as the amount of taxable income increases.read more glossary terms