Glossary beginning with G

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Goods and services tax (GST) search for term

A tax of 10% on the supply of most goods and services consumed in Australia.

Gross salary search for term

The amount of money earned by an employee before any deductions are taken into account.

Growth phase search for term

A superannuation investment prior to the time when an individual can withdraw funds.

  • Fact 8

    In 1910, the Commonwealth Government introduced a land tax to provide for more defence spending and to prepare for the increase in migration. The land tax was chosen to encourage large-scale land owners to subdivide their land and sell it to small-scale settlers.

Trust

A trust exists when a person or company (called a 'trustee') holds assets on behalf of others who are intended to benefit from the assets, or income from those assets. Those intended to benefit are called 'beneficiaries'.

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