The expenses of World War I were so great that the Commonwealth Government introduced three new taxes in 1917: an entertainment tax, a wartime profits tax and a bachelor tax that raised such a bitter protest that it was never put into operation.
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.
A tax charged at a set dollar amount, regardless of the value of the transaction. The passenger movement charge (also called departure tax) on passengers at airports is a regressive tax.read more glossary terms