The changeover to decimal currency in 1966 created a massive amount of work for the ATO. In NSW alone, staff manually converted 200,000 accounts worth $450 million.
- Goods and services tax (GST) search for term
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A tax of 10% on the supply of most goods and services consumed in Australia.
- Gross salary search for term
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The amount of money earned by an employee before any deductions are taken into account.
- Growth phase search for term
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A superannuation investment prior to the time when an individual can withdraw funds.
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Fact 22
Excise
A tax on certain goods produced or manufactured in Australia. These goods include alcohol, tobacco and petroleum. Customs duty at an equivalent rate is levied on imported goods to ensure that these goods are treated consistently with local goods.
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