Glossary beginning with C

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Capital gain search for term

Occurs when a CGT asset is sold for more than its purchase price.

Capital gains tax (CGT) search for term

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.

Capital growth search for term

Occurs when the value of an investment or asset increases over time.

Capital loss search for term

Occurs when a capital gains tax asset is sold or disposed of for less than its purchase price.

Cash budget search for term

A statement showing the estimated cash receipts and cash payments for a period of time.

Cash investments search for term

Investments such as term deposits, cash management trusts or short-term government bonds.

Company search for term

A business structure that gives shareholders (owners) protection from having to pay for the debts of the company (called 'limited liability'). A company has a legal identity of its own because it has been incorporated.

Company tax search for term

Income tax payable by companies. Unlike individuals, companies are taxed at a proportional rate of tax on all their taxable income, with no tax-free amount.

Compliance costs search for term

The expenses incurred by a business in meeting legislative requirements.

Complying super fund search for term

A super fund that meets government laws and regulations.

Compounding search for term

Where the earnings from an investment are re-invested.

Consolidating super search for term

When super money is moved from one or more super funds into another super fund.

Contributions search for term

Money that an individual or employer puts into a complying super fund.

Customs duty search for term

A duty or tax levied on goods imported into Australia, administered by the Australian Customs Service.

  • Fact 1

    In 1705, Emperor Peter I of Russia instituted a beard tax. Those who paid the tax were required to carry a 'beard token'. This was a copper or silver token inscribed with 'the tax has been taken' and 'the beard is a superfluous burden'.

Tax payable

The amount of income tax required to be paid on a person's taxable income after applying any tax offsets. It does not include the Medicare levy.

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