In the 1950s, some ATO personnel informally referred to the tax laws as Pig's Stew because they collected Payroll tax, Income tax, Gift duty, Sales tax, Stevedoring industry charge, Tobacco charge, Estate duty and Wool tax.
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.
The total amount required to be paid to the ATO. It includes an individual's tax payable and their Medicare levy (if applicable), less any credits for tax offsets and PAYG amounts.read more glossary terms