Australia’s growth and prosperity after World War II meant that, in 1959, the ATO collected £823.37 million in revenue - more than double the amount collected in 1949.
- Capital gain
Occurs when a CGT asset is sold for more than its purchase price.
- 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.
- Capital growth
Occurs when the value of an investment or asset increases over time.
- Capital loss
Occurs when a capital gains tax asset is sold or disposed of for less than its purchase price.
- Cash budget
A statement showing the estimated cash receipts and cash payments for a period of time.
- Cash investments
Investments such as term deposits, cash management trusts or short-term government bonds.
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
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
The expenses incurred by a business in meeting legislative requirements.
- Complying super fund
A super fund that meets government laws and regulations.
Where the earnings from an investment are re-invested.
- Consolidating super
When super money is moved from one or more super funds into another super fund.
Money that an individual or employer puts into a complying super fund.
- Customs duty
A duty or tax levied on goods imported into Australia, administered by the Australian Customs Service.
A service that partially completes an individual's myTax return by automatically filling in information the ATO has received from employers, superannuation funds and financial institutions.read more glossary terms