The first taxes in Australia were raised to help pay for the completion of Sydney's first gaol and provide for the orphans of the colony. Import taxes were put on spirits, wine and beer.
The amount of money earned from personal effort, investments and the sale of CGT assets.
- Income tax
The amount of tax paid on taxable income.
- Income tax rate
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
Taxes collected from an individual or business other than the person actually paying the tax, for example, GST.
- Instalment activity statement (IAS)
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
The range of investments into which individuals can invest their money.