Glossary beginning with I

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Income search for term

The amount of money earned from personal effort, investments and the sale of CGT assets.

Income tax search for term

The amount of tax paid on taxable income.

Income tax rate search for term

The proportion of taxable income that is paid as tax. The income tax rate is expressed as a percentage or in cents-per-dollar. Companies have a set tax rate, unlike individuals, whose tax rate increases as the amount of taxable income increases.

Indirect taxes search for term

Taxes collected from an individual or business other than the person actually paying the tax, for example, GST.

Instalment activity statement (IAS) search for term

A form similar to the BAS (but without GST and some other taxes) used by businesses not registered for GST, and by individuals who are required to pay PAYG instalments or PAYG withholding, such as self-funded retirees.

Investment options search for term

The range of investments into which individuals can invest their money.

  • Fact 16

    The monetary cost of World War II was ten times the cost of World War I. Raising revenue via taxation became a vital part of Australia’s war effort.

Australian federal budget

The estimated revenue and expenditure of the Australian Government for the financial year.

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