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.
- Refund search for term
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An amount paid back by the ATO to a taxpayer when the taxpayer has paid more tax than they are liable to pay.
- Regressive tax search for term
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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.
- Retirement savings account (RSA) search for term
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A savings account set up specifically for the purpose of saving funds for retirement.
- Return search for term
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The net amount an individual receives from an investment.
- Revenue / government revenue search for term
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The income of a government (from taxes, excise duties or other sources) used for the payment of public expenses.
- Risk search for term
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The chance of loss on a financial investment.
- Rollover search for term
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When an individual transfers super money from one super fund into another.
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Fact 20
Capital loss
Occurs when a capital gains tax asset is sold or disposed of for less than its purchase price.
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