As overseas travel became more common in the 1960s, the ATO stopped issuing tax clearance certificates (which had previously reminded Australians planning on travel that they must ensure they had paid all tax owed prior to leaving the country).
- 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 21
Taxable income
Assessable income minus allowable deductions.
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