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.

Assessable income

Gross income, including salary and wages, dividends, interest and rent before any deductions are allowed. Assessable income also includes net capital gains and other amounts that are not ordinarily classed as income.

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